The brand new proprietor of the previous Westfield Santa Anita mall is Wen Shan Chang, an actual property investor from close by Bradbury who apparently desires to maintain a low profile because the earlier proprietor continues to handle the property for him.
French retail property large Unibail-Rodamco-Westfield introduced final month that it had offered the massive indoor procuring middle in Arcadia for $537.5 million in some of the costly mall gross sales in america in years. The property has been renamed the Retailers at Santa Anita.
Unibail-Rodamco declined to determine the customer, a rarity in large-scale actual property transactions, saying solely that the customer “is a longtime industrial actual property investor who owns different retail belongings in Southern California.”
Property data now checklist Chang’s firm Riderwood USA because the proprietor of the mall close to the famed Santa Anita Park horse-racing venue.
“The huge deal catapulted Riderwood USA to being the most important spender on retail house in higher Los Angeles previously half-decade, passing French luxurious retailer LVMH and New York-based actual property large Blackstone,” actual property information supplier CoStar stated.
Public paperwork say Chang, 71, was born in Taiwan and owns an property in Bradbury, a small metropolis within the San Gabriel Valley that shares a border with Monrovia and is a few 15-minute drive from Arcadia.
Chang couldn’t be reached for touch upon his plans for the procuring middle, which dates from 1974 and is taken into account a “super-regional” mall able to drawing clients from lengthy distances.
Westfield Santa Anita was extensively considered one of many crown jewels of the Westfield chain. The 1.5-million-square-foot property on Baldwin Avenue is 96% leased, with gross sales of greater than $600 per sq. foot on an annualized foundation, actual property funding financial institution Eastdil Secured stated, a measure of profitable mall exercise.
Promoting the mall was a part of Unibail-Rodamco’s deliberate “radical discount of its monetary publicity within the U.S.,” the corporate stated.
The proprietor of Westfield malls, acquainted to passersby for many years for his or her bright-red emblem indicators, stated in April it might promote all its properties in america and guess its future on Europe, the place it’s the largest proprietor of procuring facilities.
All 24 U.S. malls are to be offered by 2023, Chief Govt Jean-Marie Tritant advised traders on the time. The corporate will grow to be a “centered, European pure-play,” he stated.
Amongst Chang’s different holdings are an condo constructing within the Westlake neighborhood of Los Angeles and two small accommodations in Las Vegas.