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Tuesday, Jun 25, 2024
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Federated Buildings Go to Westfield

It’s a store shuffle at the Westfield malls.

The Australia-based mall operator plans to acquire 15 store buildings from Cincinnati-based Federated Department Stores, Inc., the two companies announced Feb. 17. Five of the buildings are in San Diego County.

They are the Robinsons-May north store and the Macy’s store in the Westfield North County center in Escondido; the Robinsons-May store in the Westfield Plaza Camino Real mall in Carlsbad; and the Robinsons-May and Macy’s stores in the Westfield University Towne Centre mall near La Jolla.

The other stores are elsewhere in California as well as in Ohio, Connecticut and Maryland.

Westfield and Federated are making the switch in two transactions. One transaction is a like-kind exchange of 12 stores for 12 stores. The remaining three stores will be sold to Westfield for $18.5 million in cash. Both transactions are expected to close during the second quarter of this year.

Federated announced a plan to lease back the Macy’s in University Towne Centre.

, Brad Graves

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