This article is from the Australian Property Journal archive
NEW York Stock Exchange listed Rouse Properties has bought the Westfield Carlsbad shopping centre in California for $US170 million, excluding costs.
Located in Carlsbad in one of Southern California’s seaside resort cities, the 1.1 million sq ft super regional mall attracts nearly three million tourists annually.
Rouse plans to rebrand the centre as The Shoppes at Carlsbad and undertake a comprehensive renovation.
“We couldn’t be more excited to join the Carlsbad community,” Rouse president CEO Andrew Silberfein said.
“We see a tremendous opportunity to apply our entrepreneurial national platform to reposition the property. As we move forward with this process, we will work in close coordination with City officials to ensure we deliver a product and retail experience that is unique for the marketplace and that the families in the community can be proud of,” he added.
The centre is home to 150 retailers such as Macy’s, Forever 21, LOFT, Victoria’s Secret, Vans, Panera Bread, Peet’s Coffee & Tea, a 12-screen Regal Cinemas and a 24-hour gym.
“Rouse expects its strategic renovation initiative to improve rental rates, occupancy, leasing and sales productivity, creating significant long-term value at the asset.
“This strategic acquisition will be a perfect fit to our dynamic and growing California portfolio. We will apply our proven operating platform to improve the overall asset quality and retailer offering as we have successfully done throughout the country,”
Silberfein added.
Australian Property Journal
