Washington Prime Group has put its Westminster Mall for sale as part of a strategy to divest its entire mall portfolio after filing for Chapter 11 bankruptcy in 2021. The mall, which spans 1.2 million square feet and had previously dropped in valuation from $171 million to $104 million, showcases the challenges facing traditional brick-and-mortar retail. Significant layoffs have occurred as the company sells off its properties, with the Westminster Mall experience a failed deal last fall and a troubled financial history, including an $85 million loan in special servicing due to imminent default.
The sale of Westminster Mall follows Washington Prime's 2021 Chapter 11 bankruptcy filing, as the firm continues its strategy of offloading its entire mall portfolio.
Over the past year, Washington Prime has sold off half its malls, with the remainder either currently on the market or soon to be listed, resulting in significant layoffs.
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