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Westfield Sells Mission Valley Properties for $290M, Apartments Eyed

Two Mission Valley shopping centers have been sold by Unibail-Rodamco-Wesfield for a combined price of $290 million – Westfield Mission Valley East and Westfield Mission Valley West.

The individual purchase price of each shopping center was not disclosed.

Lowe Enterprises and Real Capital Solutions bought Westfield Mission Valley East and Sunbelt Investment Holdings bought Westfield Mission Valley West.

Joel Mayer, executive vice president of Lowe Enterprises, said the company plans to upgrade Westfield Mission Valley East and build apartments on the property, but he said details are still being worked out.

“We’re working on the planning right now,” Mayer said. “We’re going to make some meaningful renovations in the common areas and really modernize them and build on the strengths that are there. We’ll improve the merchant mix, add more entertainment, add more restaurants – our goal is to really expand the hours of operation and make it a place to live, work and play.”

Mission Valley East at 1640 Camino Del Rio North is one mile west of the Town and Country Resort, which Lowe renovated in 2020.

Originally built in 1960 on a 41-acre site, Mission Valley West has 73 shops and restaurants including AMC Mission Valley 20 Theaters, Target, Nordstrom Rack, Macy’s Home, Michael’s, Bloomingdale’s Outlet, 24-Hour Fitness, Yard House, Outback, and Buffalo Wild Wings.

“Customers today are seeking food and fun as part of their shopping experience. We intend to add unique local restaurants, specialty food cafes and entertainment uses along with new retailers that offer a variety of experiences for all ages.”

Sunbelt Investment Holdings didn’t respond to interview requests to discuss the 19.8-acre Mission Valley West.

The shopping center includes Trader Joe’s and Old Navy.

In a statement, Westfield described its Mission Valley holdings as a B-minus-rated, 1.5 million square foot property with occupancy at 71%.

Earlier in 2023, the owner also sold its Westfield North County property.

 

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