Tuesday, April 26, 2011  Downtown Plaza for Sale… again
According to the Wall Street Journal, the Westfield Group of
Australia has begun seeking buyers for the Sacramento mall and
16 other underperforming centers in seven states.  Westfield's
goal: Take advantage of an uptick in the economy to sell the
properties, then use the proceeds to reinvest in more successful
centers, such as its Galleria mall in Roseville.  Westfield
officials had no comment. Neither did Evercore Partners, a New
York-based advisory firm that's been hired to market the mall
portfolio.  The news comes almost two years after city officials
asked Westfield to find a buyer if it wasn't going to make long-
discussed improvements. Westfield officials said then they'd
sell "under certain circumstances."  It would be big surprised
to me if the 39-year-old mall finds a buyer, but there could be
some harsh finical forces at play that make it so Westfield has
to shed the dead weight.  1 comment:  Anonymous said...  Great
to hear that they're sell