Tuesday, April 26, 2011
Downtown Plaza for Sale… again
According to the Wall Street Journal, the Westfield Group of Australia has begun seeking buyers for the Sacramento mall and 16 other underperforming centers in seven states.
Westfield's goal: Take advantage of an uptick in the economy to sell the properties, then use the proceeds to reinvest in more successful centers, such as its Galleria mall in Roseville.
Westfield officials had no comment. Neither did Evercore Partners, a New York-based advisory firm that's been hired to market the mall portfolio.
The news comes almost two years after city officials asked Westfield to find a buyer if it wasn't going to make long-discussed improvements. Westfield officials said then they'd sell "under certain circumstances."
It would be big surprised to me if the 39-year-old mall finds a buyer, but there could be some harsh finical forces at play that make it so Westfield has to shed the dead weight.