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Westfield Santa Anita buyer is investor Wen Shan Chang

The new proprietor of the previous Westfield Santa Anita mall is Wen Shan Chang, an actual property investor from close by Bradbury who apparently needs to maintain a low profile because the earlier proprietor continues to handle the property for him.

French retail property large Unibail-Rodamco-Westfield introduced final month that it had offered the massive indoor procuring heart in Arcadia for $537.5 million in probably the most costly mall gross sales within the United States in years. The property has been renamed the Shops at Santa Anita.

Unibail-Rodamco declined to establish the buyer, a rarity in large-scale actual property transactions, saying solely that the buyer “is an established commercial real estate investor who owns other retail assets in Southern California.”

Property data now checklist Chang’s company Riderwood USA because the proprietor of the mall close to the famed Santa Anita Park horse-racing venue.

“The massive deal catapulted Riderwood USA to being the biggest spender on retail space in greater Los Angeles in the past half-decade, passing French luxury retailer LVMH and New York-based real estate giant Blackstone,” actual property information supplier CoStar mentioned.

Public paperwork say Chang, 71, was born in Taiwan and owns an property in Bradbury, a small metropolis within the San Gabriel Valley that shares a border with Monrovia and is a couple of 15-minute drive from Arcadia.

Chang couldn’t be reached for touch upon his plans for the procuring heart, which dates to 1974 and is thought of a “super-regional” mall able to drawing clients from lengthy distances.

Westfield Santa Anita was extensively thought to be one of many crown jewels of the Westfield chain. The 1.5-million-square-foot property on Baldwin Avenue is 96% leased, with gross sales of greater than $600 per sq. foot on an annualized foundation, actual property funding financial institution Eastdil Secured mentioned, a measure of profitable mall exercise.

Selling the mall was a part of Unibail-Rodamco’s deliberate “radical reduction of its financial exposure in the U.S.,” the company mentioned.

The proprietor of Westfield malls, acquainted to passersby for many years for his or her bright-red brand indicators, mentioned in April it might promote all its properties within the United States and wager its future on Europe, the place it is the biggest proprietor of procuring facilities.

All 24 U.S. malls are to be offered by 2023, Chief Executive Jean-Marie Tritant informed buyers on the time. The company will change into a “focused, European pure-play,” he mentioned.

Among Chang’s different holdings are an residence constructing within the Westlake neighborhood of Los Angeles and two small accommodations in Las Vegas.

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