Westfield America, Inc. (NYSW:WEA) announces acquisition of Capital Mall, Fox Hills Mall and Oakridge Mall
07 October 1998
Countries: United States
Los Angeles, CA. October 7, 1998 – Westfield America, Inc.(NYSE:WEA) announced that it has completed the acquisition of a 49%interest in Capital Mall located in Olympia, WA., and 100%interests in Fox Hills Mall in Culver City, CA., and in OakridgeMall in San Jose, CA. The interest in the three regional and superregional centers was acquired for $184 million from TrizecHahnCorporation. With these acquisitions Westfield America haspurchased eight regional and super regional shopping centers fromTrizecHahn. The total acquisition cost for the TrizecHahn portfoliowill be approximately $1.4 billion including the assumption ofdebt. The closings of the remaining TrizecHahn centers arescheduled to occur before the end of the year.
Capital Mall is a regional shopping center with 602,000 squarefeet of retail space located in Olympia, WA. The center is anchoredby JCPenney, Mervyn’s, Bon Marche and Lamonts. The mall has 93specialty stores. Capital Mall’s total sales were over $105 millionin 1997, and the specialty stores produced $266 per square foot.Capital Mall is the largest shopping center serving Olympia, whichis the state capital of Washington.
Fox Hills Mall is a super regional shopping center with 889,000square feet of retail space located in Culver City, CA. The centeris anchored by Macy’s, Robinsons-May, and JCPenney. The mall has132 specialty stores. Fox Hills Mall’s total sales were over $140million in 1997, and the specialty stores produced $269 per squarefoot. The center has excellent visibility along Interstate 405, andserves the very densely populated Culver City/Westside Los Angelesmarket.
Oakridge Mall is a regional shopping center with 797,000 squarefeet of retail space located in San Jose, CA. The center isanchored by Macy’s, Sears, and Montgomery Ward. The mall has 102specialty stores. Oakridge Mall’s total sales were approximately$170 million in 1997, and the specialty stores produced $322 persquare foot. The mall serves the affluent San Jose market, which isdominated by a high technology economy.
Westfield America, Inc. (NYSE:WEA), a real-estate investmenttrust, is one of the nation’s leading owners of regional shoppingcenters. With this acquisition the company owns interests in 35major shopping centers, and after the TrizecHahn acquisition,assuming that all the TrizecHahn properties are acquired, thecompany will have interests in 38 major shopping centers,encompassing 35.2 million square feet in the states of California,Colorado, Connecticut, Maryland, Missouri, New York, NorthCarolina, and Washington.