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REAL ESTATE: Westfield sells stake in Inland mall

REAL ESTATE: Westfield sells stake in Inland mall

Deal-making and job switching could come into vogue in 2015, if February is an indication.

There were plenty of announcements to go around.


Westfield Corp. of Australia has entered into a $ 925 million joint venture with O’Connor Capital Partners, agreeing to sell a stake in Westfield Palm Desert mall and two other regional shopping malls in the United States.

O’Connor, a New York-based private equity owner, acquired a 47.4 percent stake in the mall serving greater Palm Springs, the Trumbull mall in Connecticut and the Wheaton mall in Maryland.

Westfield will retain its role as property and leasing manager of the three malls with 504 stores, and will realize $ 700 million in net proceeds before tax.

One year ago, Westfield announced its $ 1.3 billion joint venture with O’Connor involving a string of malls in Florida.

Also this month, Canyon Capital Realty Advisors, along with Paragon Commercial Group, said it began construction to reposition Rancho Las Palmas Shopping Center in Rancho Mirage.

The retail center at Highway 111 and Bob Hope Drive will have a new, free-standing CVS Drug Store, a 48,000-square-foot Hobby Lobby and a 30,000-square-foot Stein Mart, Paragon’s Erwin Bucy said in a statement.


Jed Kolko, chief economist of Trulia, will be leaving the firm’s “Trends Team” in the spring – a move that has many journalists who cover the economy and real estate taking a deep breath.

Not one to tiptoe through danger zones, Kolko plunged right in to help reporters paint a candid picture of market trends and the economic recovery from the deepest recession the nation has seen since the Great Depression.

Kolko said he hasn’t decided what’s next. My hunch is, many will keep an eye out for his next move. In an e-mail, he hints of other roles ahead: “I am looking forward to taking a break and recharging, And then – who knows!”


Lee & Associates of Riverside announced that Big 5 Corp. inked a 65-month lease for a 171,619-square-foot Class A building at 6150 Sycamore Canyon Blvd., in Riverside, with four, 5-year lease renewal options.

Contact the writer: 951-368-9423 or dgruszecki@pe.com

Press Enterprise : Real Estate