Real Estate

Westfield Santa Anita purchaser is investor Wen Shan Chang

The brand new proprietor of the previous Westfield Santa Anita mall is Wen Shan Chang, an actual property investor from close by Bradbury who apparently desires to maintain a low profile because the earlier proprietor continues to handle the property for him.

French retail property big Unibail-Rodamco-Westfield introduced final month that it had offered the massive indoor procuring heart in Arcadia for $537.5 million in one of the crucial costly mall gross sales in the USA in years. The property has been renamed the Outlets at Santa Anita.

Unibail-Rodamco declined to establish the customer, a rarity in large-scale actual property transactions, saying solely that the customer “is a longtime industrial actual property investor who owns different retail belongings in Southern California.”

Property information now record Chang’s firm Riderwood USA because the proprietor of the mall close to the famed Santa Anita Park horse-racing venue.

“The huge deal catapulted Riderwood USA to being the most important spender on retail house in better Los Angeles prior to now half-decade, passing French luxurious retailer LVMH and New York-based actual property big Blackstone,” actual property information supplier CoStar mentioned.

Public paperwork say Chang, 71, was born in Taiwan and owns an property in Bradbury, a small metropolis within the San Gabriel Valley that shares a border with Monrovia and is a couple of 15-minute drive from Arcadia.

Chang couldn’t be reached for touch upon his plans for the procuring heart, which dates from 1974 and is taken into account a “super-regional” mall able to drawing prospects from lengthy distances.

Westfield Santa Anita was broadly considered one of many crown jewels of the Westfield chain. The 1.5-million-square-foot property on Baldwin Avenue is 96% leased, with gross sales of greater than $600 per sq. foot on an annualized foundation, actual property funding financial institution Eastdil Secured mentioned, a measure of profitable mall exercise.

Promoting the mall was a part of Unibail-Rodamco’s deliberate “radical discount of its monetary publicity within the U.S.,” the corporate mentioned.

The proprietor of Westfield malls, acquainted to passersby for many years for his or her bright-red emblem indicators, mentioned in April it will promote all its properties in the USA and wager its future on Europe, the place it’s the largest proprietor of procuring facilities.

All 24 U.S. malls are to be offered by 2023, Chief Government Jean-Marie Tritant instructed buyers on the time. The corporate will change into a “targeted, European pure-play,” he mentioned.

Amongst Chang’s different holdings are an condo constructing within the Westlake neighborhood of Los Angeles and two small lodges in Las Vegas.

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