An Orange County mall that once housed a Macy’s and Sears is being put up for sale, as its retail landlord Washington Prime Group (WPG) announced plans to offload its properties, it was revealed yesterday.
The portfolio purging, which includes Westminster Mall, follows the company’s 2021 Chapter 11 bankruptcy protecting filing.
A spokesperson for Ohio-based WPG told the Business Journal that it sold half of its portfolio in the past year. The other half of the portfolio, which includes the 51-year-old mall, is already on the market or will be listed soon. The company plans to make massive layoffs as part of the selloff.
JC Penney and Target are anchor tenants at the enclosed mall. Irvine-based Shopoff Realty Investments owns a portion of the Westminster Mall property and has proposed building a multifamily development on the land it owns. Shopoff Realty could not be reached for immediate comment.
Read the April 28 issue of the Business Journal for additional information.
