Westfield Sells 1.2 MSF San Diego Shopping Center

Shopping mall interior. Image by Erich Westendarp via Pixabay.com

Bridge Group Investments and Steerpoint Capital have acquired North County Mall, a 1.2 million-square-foot shopping center in Escondido, Calif.

Unibail-Rodamco-Westfield sold the asset, according to CommercialEdge data. The company had purchased the center in 1994, the same source shows. URW will maintain its leasehold interest in the shopping center until it expires in June 2053, as reported by local publication Times Advocate.

Previously known as Westfield North County Fair, the retail center is anchored by Macy’s, JCPenney and Target. Other tenants at the property include Forever 21, H&M, MAC, Apple, Game Stop, 24 Hour Fitness and many more. The center also includes several dining options such as Black Angus Steakhouse, BJ’s Restaurant and Brewhouse, The Cheesecake Factory and Chipotle.

North County Mall is located at 272 E. Via Rancho Parkway, in northern San Diego County. The shopping center is situated on approximately 83 acres, situated next to Interstate 15.

Steerpoint Capital Managing Partner Bo Okoroji said in prepared remarks that the shopping center can be positioned as both a dominant player in the regional retail market and a vibrant community hub.

North County Mall marks Bridge Group Investment and Steerpoint Capital’s fourth acquisition together. The partners have acquired three other retail centers last year. In December, the companies paid $60 million for Antelope Valley Mall, a 441,835-square-foot shopping center in Palmdale, Calif.

Last year, Unibail-Rodamco-Westfield made headlines with another large California sale, the disposition of Westfield Santa Anita in Arcadia, in Los Angeles County, for a whopping $538 million.