westminster
westminster mall Located on Bolsa Avenue and Golden Street in Westminster. A real estate investment firm has purchased two large parcels on the site. (OC Tribune photo).
Another section of Westminster Mall was acquired by an Irvine-based real estate investment firm.
Shopoff Realty Investments, popularly known as “Shopoff,” on Tuesday sold an 11.9-acre parcel of land on which the mall borders Bolsa Avenue and the Golden West, according to The Registry, which reports on major Orange County real estate deals. announced the purchase. Located on the street. The price was reported at $49 million.
The location is home to a Macy’s department store, and the store will remain open due to a leaseback arrangement. The deal follows his July 2022 deal in which Shopoff purchased his 14.1-acre parcel of shopping mall grounds in July 2022. The reported price is $46.3 million for him.
In a statement, the company’s president and CEO, William Shopoff, said the new owner “will continue to work with the City of Westminster on the redevelopment of the property.”
Once the largest closed shopping center in Orange County, the mall has been hit hard by the 2008 recession, changing shopping habits, the coronavirus pandemic and the decline of closed malls.
Tentative plans for the 90-acre mall property include conversion into a residential, office and retail development.
