Rouse Properties Inc. will continue operating a portfolio of U.S. retail centers that officially changed ownership when Rouse was acquired by Brookfield Asset Management Inc. in a $2.8 billion deal. Rouse officials said a previously announced renovation of The Shoppes at Carlsbad mall remains on track.
“While Rouse Properties now operates as a private company, the same management team remains in place, and we are fully committed to carrying out our previously announced vision for The Shoppes at Carlsbad,” New York-based Rouse said in a July 14 statement.
“The transformation of the mall will go forward as planned with construction starting this fall, and we are looking forward to providing the community of Carlsbad with a premier shopping and social destination they can be proud of,” the statement said. “We are very excited for the future of the mall and will have more announcements in the very near future.”
The 46-year-old mall on El Camino Real near state Route 78, known for much of its history as Westfield Plaza Camino Real, was purchased by Rouse from Westfield Corp. in a November 2015 deal valued at $170 million.
At that time, Rouse renamed the property The Shoppes at Carlsbad and announced plans for a comprehensive renovation of interiors, with the addition of a future “contemporary and engaging streetscape” bringing together indoor and outdoor elements.
Before selling to Rouse, Westfield had renamed the property Westfield Carlsbad and had partially completed what was earlier announced as a $300 million overhaul.
Rouse recently completed its previously announced deal in which an affiliate of Toronto-based Brookfield purchased Rouse and its full portfolio, which includes 35 regional malls and retail centers in 21 states. In the local market, the deal included the Carlsbad mall buildings at 2501, 2515 and 2525 El Camino Real, totaling approximately 1 million square feet.
Rouse’s common stock will be delisted from the New York Stock Exchange, but it is retaining its oversight of the properties in the portfolio.