June 19, 2024

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Westfield mall entrepreneurs look to offer procuring middle

A sign for Westfield mall sits next to Highway 111 on Monday, June 22, 2020 in Palm Desert, Calif.

The operator of the Westfield Palm Desert says it’s looking to sell the whole mall. 

The shift arrives as component of a larger sized planned sell-off by Unibail-Rodamco-Westfield Group, a European property company, which options to divest most of its U.S. assets and use all those cash to reduce its credit card debt.

URW was hit difficult by the pandemic, reporting an working reduction of much more than $8.2 billion very last 12 months as COVID-associated mall closures and asset depreciations hammered its enterprise.

A URW spokesperson noted that the Westfield Palm Desert sale was section of this broader “technique to rebalance (the firm’s) portfolio and divest sure assets.” 

The mall, at Freeway 111 and Monterey Avenue, opened in the early 1980s. Its recent tenants incorporate Macy’s, J.C. Penney, Dick’s Sporting Products, H&M, and Barnes and Noble.