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Saturday, Feb 4, 2023
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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.

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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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