SAN DIEGO - Unibail-Rodamco-Westfield announced on Friday it sold its two Mission Valley shopping center locations. The company says the sale totaled $290 million including the sale of Westfield Mission Valley “East” to Lowe Enterprises and Real Capital Solutions, and Westfield Mission Valley “West” to Sunbelt Investment Holdings Inc.
"We're very familiar with the site and had our eyes on it for a long time,” said Todd Majcher, Senior Vice President at Lowe. “We've always thought there's a great opportunity to enhance the mall and create that vibrant mixed-use community."
While the sale just closed the company says they plan to implement a mixed-use concept that will refresh the existing retail and add other uses like multifamily housing.
"I think we're banding about a few ideas right now, but certainly creating a vibrant mixed-use development is important,” Majcher said. “We're transit adjacent, so we do see some housing being located on the site."
This sale continues the trend of local shopping centers changing ownership.
Steerpoint, an investment group, teamed with the retail company behind the Shoe Palace chain, to purchase the North County Mall in Escondido from Westfield. The deal closed in early February.
Earlier this year, a spokesperson for the company told ABC 10News, they plan to take their time to study how the mall can be restored to its former glory and will consider all options as they slowly replace the Westfield signage with their branding.
In 2021 a real estate investment firm bought a majority stake in Grossmont Center with plans to redevelop the mall.
Majcher says the Mission Valley property has been a popular spot since it was built. The goal now is to help keep it a thriving destination.
“We just closed yesterday so we’re going to undertake a pretty extensive planning and branding process and really try to get our arms around what the center wants to be and how does it fit within the culture and context of San Diego,” Majcher said. “How can we make this a relevant place and continue to build on the strengths that it has.”
ABC 10News reached out to the other buyer for the West site, Sunbelt Investment Holdings Inc., but did not hear back.
Just this week the San Diego City Council approved an update to the Mission Valley Community Plan in 2019. The council’s action to remove the West property from the specific plan will allow for homes and jobs as part of a future mixed-use development.
The city says the property owner has not submitted any formal plans or other permit requests for the Mission Valley West property.
