Westfield America, Inc. announces acquisition of Downtown Plaza, Horton Plaza and North County Fair.
02 November 1998
Countries: United States
Los Angeles, CA. November 2, 1998 – Westfield America, Inc.(NYSE:WEA) announced that it has completed the acquisition of 100%interests in Downtown Plaza located in Sacramento, CA and HortonPlaza in San Diego, CA, and a 55% interest in North County Fair inEscondido, CA, giving WEA a 100% interest in North County Fair. Theinterests in the three super regional centers were acquired forapproximately $454 million from TrizecHahn Corporation. With theseacquisitions Westfield America has purchased interests in elevenregional and super regional shopping centers from TrizecHahn, ofthe twelve to be acquired. The total acquisition cost for theportfolio will be approximately $1.4 billion including theassumption of debt. The acquisition of TrizecHahn’s interest in LosCerritos Center is scheduled for November, 1998.
Downtown Plaza is a super regional shopping center with1,166,000 square feet located in downtown Sacramento, CA, which isthe state capital of California. Downtown Plaza is anchored by twoMacy’s department stores and has 155 specialty stores. The centeralso has 290,000 square feet of office building space. DowntownPlaza’s total sales were approximately $175 million in 1997, andthe specialty stores produced $289 per square foot. Downtown Plazaserves a high number of daytime office workers and state governmentemployees, and benefits from its location adjacent to the “OldSacramento” district, a major tourist attraction.
Horton Plaza is a super regional shopping center with 800,000square feet located in downtown San Diego, CA. Horton Plaza isanchored by Nordstrom, Macy’s, and Mervyn’s and has 140 specialtystores. Horton Plaza’s total sales were over $215 million in 1997,and the specialty stores produced $436 per square foot. HortonPlaza is positioned to attract the visitor and convention market inSan Diego, and is one of the most successful downtown/urbanshopping centers in the U.S.
North County Fair is a super regional shopping center with1,260,000 square feet located in Escondido, CA. North County Fairis anchored by Nordstrom, Macy’s, two Robinsons-May stores, Sears,and JC Penney and has 168 specialty stores. North County Fair’stotal sales in 1997 were approximately $280 million and thespecialty stores produced $337 per square foot. The center hasexcellent visibility and access from Interstate 15 and serves thenorth San Diego County market. Westfield America has owned a 45%interest in North County Fair since 1994, and the center will nowbe 100% owned by Westfield America.
Westfield America, Inc. (NYSE:WEA), a real-estate investmenttrust, is one of the nation’s leading owners of regional shoppingcenters. With this acquisition the company owns interests in 37major shopping centers, and after the acquisition of the remainingTrizecHahn property, Los Cerritos Center, the company will haveinterests in 38 major shopping centers. These centers comprise 35.2million square feet of retail space in the states of California,Colorado, Connecticut, Maryland, Missouri, New York, NorthCarolina, and Washington.