Macy’s will remain at SoCal mall under new lease back agreement

The Westminster Mall located between Long Beach and Santa Ana lost its Sears anchor seven years ago, but a new deal ensures that its Macy’s will live on.

Shopoff Realty Investments, a value-add investment firm, has purchased an 11.9-acre parcel of the million-plus-sq.-ft. mall that includes the Macy’s for $49 million. Last month, Shopoff acquired a 14.1-acre section of the mall that had contained the Sears store from Seritage Growth Properties for $46.3 million.

“Under the lease-back agreement, Macy's will continue to operate its existing retail location in the space, and we will continue to work with the City of Westminster on the redevelopment of this property," said Shopoff president and CEO William Shopoff. "

"This purchase provides a very unique opportunity for our firm, as we now own a 26-acre piece of real estate in coastal Orange County, a significantly high-barrier-to-entry market," he added.

Westminster Mall houses encompasses approximately 90 acres. Its more than 150 tenants include Target, Aeropostale, Cotton On, The Children’s Place, Foot Locker, and some 20 food and beverage providers.

The site features direct freeway access to I-405 and is surrounded by residential developments that serve as a customer base, according to Shopoff. Other nearby traffic sources include Huntington State Beach, Knott's Berry Farm, and the Irvine Business Complex.