Dallas-based Centennial recently acquired Westfield Valencia Town Center in Santa Clarita from Unibail-Rodamco-Westfield (URW) for $199 million. The one-million square foot regional shopping center was 87% occupied at the time of sale, with URW noting that the sale price reflected a less than 3% discount to its last unaffected appraisal.
Carl Tash, CIO at Centennial, spoke about their plans for the property: “We envision some changes for Valencia Town Center similar to strategic redevelopments taking place now in Chicago’s Hawthorn and Fox Valley areas. While it is too soon to announce any definitive plans, Valencia Town Center is well situated as a multi-use live work play destination.”
Since 2021 URW has been divesting U.S properties and this transaction represented an alternative option compared to transferring ownership back to lenders.
