Shopoff Pays $49M for Orange County Macy’s Asset

Westminster Mall

Shopoff Realty Investments has acquired an 11.9-acre parcel of Westminster Mall in Westminster, Calif., for $49 million from Macy’s. The buyer plans to redevelop the property, which included an operating department store and is now leased back to the seller.

Mavik Capital Management provided $20 million in financing for the Orange County acquisition, as well as Shopoff’s purchase of another 14.1-acre parcel of the same mall for $46.3 million, from Seritage Growth Properties in July 2022. Additional financing includes a loan for the property’s redevelopment from Hankey Capital, which also provided Shopoff with senior financing for the July purchase. Walker & Dunlop procured the senior debt, while Land Advisors Organization represented the buyer.

Located at 1025 Westminster Mall, the property, which was originally built in 1977, according to CommercialEdge data, has roughly 1.3 million square feet of retail on approximately 90 acres. Tenants include Target, JCPenney and Macy’s. The mall also has direct freeway access to Interstate 405 and is less than 10 miles northwest of Huntington State Beach, some 12 miles west of Irvine Business Complex and 13 miles east of the Port of Long Beach.