Macerich is selling Westside Pavillion

The struggling West LA mall could have a new owner within a year

TRD LOS ANGELES /
Nov.November 01, 2017 02:00 PM
Westside Pavillion (Credit: Macerich)

Macerich Co. is in talks to sell its struggling Westside Pavillion, a 755,000-square-foot mall at 10800 W. Pico Boulevard in West L.A., the Wall Street Journal reported. The company said it has seen interest from several potential buyers.

Art Coppola, chief executive at Macerich, said during a third-quarter earnings call that he predicts the property will have a new owner within a year. He expects the new Expo Line station nearby to draw buyers looking to rezone and redevelop the site.

“It’s quite likely that other users are going to value that real estate more than a horizontal retail facility, and we’re seeing that in terms of the demand and that’s coming from really a tremendous number of people,” Coppola told WSJ.

The three-story mall – like many others across the nation – has been suffering from weakening occupancy rates and the surge of online shopping. It lost one of its anchor stores, Nordstrom Inc., to the recently renovated Westfield Century City last year, while its other major department store, Macy’s, announced its shuttering just this week. Victoria’s Secret and H&M are among some of the retailers still operating at the aging mall.

Macerich had contemplated giving the property a makeover and said it was “in the planning process” in March 2016. It was considering tearing away the fortress-type walls that surround the 1970s mall and opening its ground-level stores to Pico Boulevard pedestrians. [WSJ] Natalie Hoberman


Related Articles

arrow_forward_ios
Eric Garcetti orders a moratorium on LA commercial evictions (Photo credit: iStock photo)

Garcetti orders a moratorium on commercial evictions in LA

LA promo

Coming Soon: The Real Deal Los Angeles’ Winter 2020 issue!

From left: Howard Schwimmer and Michael S. Frankel, with 1601 W. Mission Boulevard and 2757 E. Del Amo Boulevard (Credit: Google Maps)

Rexford Industrial adds to LA portfolio with $100M in acquisitions

Andrew McDonald and At Mateo in the Arts District

Cushman’s West Coast chief talks expansion, DTLA market, the death of the starving baby broker & more

3339 Exposition Blvd. and Asher Luzzatto

Luzzatto Co. assembling creative office hub in West Adams

Jason Illoulian and the Cemex plant

Faring makes $30M assemblage play on WeHo/LA border

From left: Nuveen CEO Vijay Advani, Graymark founder/CEO Brian Hecktman

Graymark, Nuveen pay $97M for El Segundo creative office

From left: A San Fernando Valley retail center and a Forever 21 near downtown LA (Credit: iStock)

Greater LA retail market struggles to recover from big box closures, bankruptcies

arrow_forward_ios
Loading...