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sale of Washington Prime Group's struggling Westminster Mall is expected to proceed. The deal could close within the next two months, according to Morningstar Credit Analytics. This comes after a $85 million loan on the mall was headed for special servicing in February, with Columbus-based Washington Prime receiving an extension to find a buyer.
The mall's valuation has dropped 39% since its 2014 appraisal of $171 million, now valued at $104 million. Macy's, JCPenney, and Target anchor the property. Shopoff Realty Investments acquired several parcels of land from the mall in 2022, including the former Sears space and adjacent parking lot.
Shopoff plans to redevelop the site into a mixed-use community called Bolsa Pacific at Westminster, featuring over 1,000 rental units, 100 townhomes for sale, a hotel, park, and retail spaces. The developer had estimated a groundbreaking in 2025.
