Home Real Estate URW Puts San Jose’s Oakridge Mall Under Contract
Real Estate

URW Puts San Jose’s Oakridge Mall Under Contract


Unibail-Rodamco-Westfield, the owner of 16 retail centers across the U.S., told investors that it has agreed to sell San Jose’s Westfield Oakridge Mall to an undisclosed buyer, reported the Silicon Valley Business Journal. Located at 925 Blossom Hill Rd., Oakridge represents one of the company’s smallest retail malls at 108,300 square feet of gross leasable area.

The French real estate company did not disclose the sale price, but said it has received a $30 million non-refundable cash deposit as part of the sale agreement, the Business Journal reported. The transaction is expected to the close in the second quarter, the company said.

URW’s decision to sell Westfield Oakridge is part of the company’s plans to streamline its portfolio and significantly downsize its U.S. presence. Over the past two years, it has sold a number of California retail properties, most recently trading Valencia Town Center for $199 million.



Source link

Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Articles

Real Estate

Memphis Dermon Building Converting to 150-Room Hotel

The Dermon Building in Memphis was built 99 years ago, designed as...

Real Estate

Developer Duo Secures $120M Refi for Charleston Harbor Rental Community

Woodfield Investments and Argosy Real Estate Partners have secured $120 million to...

Real Estate

Bonita Springs Site for 252-Unit Apartment Community

Madison Communities and Heitman have closed a $44 million construction loan for...

Real Estate

$21.5M Loan for Tacoma Apartments Secured by Berkadia

Berkadia has secured financing for the acquisition of The Duo Apartments, a...