The anticipated sale of Westminster Mall is a pivotal moment for Washington Prime Group, following a significant decline in property valuation, dropping 39 percent since its peak.
Morningstar Credit Analytics indicated the mall is now valued at $104 million, down from $171 million when Washington Prime secured an $85 million loan in 2014.
Shopoff Realty Investments has ambitious plans for the Westminster property, proposing over 1,000 rental units, a hotel, and a significant retail component in its redevelopment plan.
With Shopoff Realty already owning 26 acres of the mall, the expected sale could pave the way for a major mixed-use development catering to community needs.
#real-estate #mall-sale #washington-prime-group #shopoff-realty-investments #westminster-mall-redevelopment
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