Westfield MainPlace in Santa Ana will get new management as Sydney-based Westfield Corp. sold a majority stake in the mall to a partnership that includes USAA Real Estate Co. in San Antonio, Texas, Dallas-based Centennial Real Estate Co. and Montgomery Street Partners LLC in San Francisco. The deal, previously reported by the Business Journal in August, is part of a $1.1 billion acquisition of five regional malls.
The investor group now owns about 80% of MainPlace. The shopping center’s anchor stores are J.C. Penney, 24 Hour Fitness, Macy’s and Nordstrom. Macy’s and Nordstrom own their respective spaces at the mall, with ground leases on the stores combining for 216,000 square feet.
The recent report estimated a value of $353.9 million for the remaining 884,000 square feet at the center, which would put the new owner’s share at about $280 million.
Centennial will take over as the “managing company responsible for the daily operations of each of the centers,” and “existing on-site management teams will continue to operate the properties” under its direction.
Montgomery and USAA will be “financial partners, and Westfield will maintain a minority equity interest.”
MainPlace opened in 1987 at the former site of the Santa Ana Fashion Square. It recently underwent a $50 million renovation that included the addition of various entertainment centers and restaurants: Round 1 Entertainment, Blaze Pizza, Panini Café, Starbucks and Dog Haus, among others. The makeover also added a 24-Hour Fitness and an Ashley Furniture to the mall’s roster of some 200 stores.
Westfield acquired MainPlace in 2002 from Netherlands-based Rodamco NV and changed its name from Main Place/Santa Ana to its current moniker. The buy was part of a $5.3 billion, 35-shopping-mall deal in which Westfield took on 14 centers, Indianapolis-based Simon Property Group Inc. acquired 13 malls, and Columbia, Md.-based Rouse Co. assumed eight.