Unibail-Rodamco-Westfield (URW) has sold both parcels comprising the 1.1 million square foot Mission Valley shopping center in San Diego for a total consideration of $290 million. The buyers, Lowe Enterprises and Real Capital Solutions, purchased Westfield Mission Valley East while Sunbelt Investment Holdings Inc. acquired Westfield Mission Valley West.
Lowe and Real Capital Solutions plan to upgrade and reposition the property as a walkable, transit-oriented mixed-use village with an emphasis on refreshing existing retail offerings while adding complementary uses such as multifamily housing to meet community needs. Mike McNerney, Executive Vice President at Lowe commented: “We have long had an interest in its potential both as a thriving ongoing retail destination and an opportunity to bring much needed housing to this community.”
The sale of URW’s U.S.-based assets has now generated proceeds totaling $1.7 billion towards their deleveraging program
