Foreclosure of the Westfield Mall Underway!
Foreclosure Proceedings for the Coachella Valley Westfield Mall are Underway!
Palm Desert City Manager, Todd Hileman stated, “The city hasn’t heard a lot at this point. Hileman confirmed foreclosure proceedings are underway for the property…
Calif.’s Westfield Palm Desert Mall Sees 75 Percent Drop in Appraised Value.
Commercial Real Estate Direct Staff Report The Westfield Palm Desert Mall in Palm Desert, Calif., in California’s Coachella Valley, in August was re-appraised at a value of only $55.2 million….
The Westfield’ signage has already been removed from the mall in Palm Desert!
In early August a spokesperson for Westfield confirmed that the mall’s lender was looking to transition management of the property to a third party and sell Westfield Palm Desert.
The mall has remained open during this transitional period.
The Palm Desert mall is owned by the Unibail-Rodamco-Westfield Group, a European-based real estate company that owns malls across the world, including 25 in the United States.
KESQ reports the August announcement came just hours after the Wall Street Journal reported that Unibail-Rodamco-Westfield was looking to unload its mall assets as the company attempts to shrink its debt.
Reuters reported in February this year, that Unibail-Rodamco-Westfield was looking to cut its U.S. exposure to close to zero. “At the end of the day, the exposure to the U.S. will be minimal, if not zero,” said Jean-Marie Tritant, the company’s chief executive, during a call with journalists at that time. The company sold off three U.S. malls last year.
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