Washington Prime Selling Its Share Of Troubled Westminster Mall
Part of the Westminster Mall will soon be up for sale as WPG, formerly known as Washington Prime Group, moves to sell the remainder of its portfolio across the country.
WPG sold off half of its portfolio last year following a 2021 Chapter 11 bankruptcy.
The other half of the portfolio, including the 51-year-old enclosed Orange County mall, is either on the market now or soon to be listed, a company spokesperson told the Orange County Business Journal.
A list price for the WPG portion of the property was not disclosed.
The WPG section of the mall has struggled over the past few years. In March 2024, an $85M loan on the WPG portion of the property was transferred to special servicing, The Real Deal reported.
Between the 2014 issuance of the loan and 2024, the value of the WPG segment of the property dropped $67M.
WPG has almost $1.1B in CMBS debt coming due between May and November, according to CoStar.
Developer Shopoff Realty Investments had previously announced plans to redevelop the 26-acre section of the mall that it owns. Among the Shopoff share of the mall site are vacant Sears and Macy's spaces. The plan called for the construction of a mixed-use community of multifamily residential space, including apartments as well as for-sale townhomes alongside restaurants and retail.
Originally anticipated to break ground as soon as this year, the status and timeline for that project is unclear.
