Another chunk of the Westminster Mall property has been acquired by an Irvine-based real estate investment company.
According to The Registry, which reports on major real estate transactions in Orange County, Shopoff Realty Investments, widely known as “Shopoff,” announced on Tuesday it had purchased an 11.9 acre parcel of the land on which the enclosed mall at Bolsa Avenue and Goldenwest Street in located. The price was reported at $49 million.
A Macy’s department store is in that location, and through a lease-back arrangement, the store will continue to operate. This transaction follows a July 2022 deal in which Shopoff bought a 14.1-acre parcel of the mall grounds, which includes the site of the now-closed Sears department store. The reported price is $46.3 million.
In a statement, company president and CEO William Shopoff, the new owner “will continue to work with the City of Westminster on the redevelopment of the property.”
Once the largest enclosed shopping center in Orange County, the mall has fallen on hard times, buffeted by the 2008 recession, changing buying habits, the coronavirus pandemic and the decline of enclosed malls.
Tentative plans for the 90-acre mall property include converting it into a development with residential, office and retail uses.