Unibail-Rodamco-Westfield sold the Westfield Santa Anita Mall in Arcadia for $537.5M, the company announced Thursday.

It is the largest amount paid for a single mall asset in the U.S. since 2018, according to Eastdil Secured, the financial adviser to URW in the deal.

“This transaction bodes well for the mall industry as a whole as it further demonstrates the private capital market’s recognition of the significant improvement in the sector’s operational performance,” Eastdil Secured Managing Director Chris Hoffmann said in a statement. “We see interest in owning high-quality and irreplaceably located malls as increasingly diversifying.”

The 1.5M SF mall is 96% leased. According to Fitch Ratings, the mall had $285M in CMBS loans slated to mature in early 2023.

The buyer was not disclosed, though URW noted that it was "an established commercial real estate investor." Public records do not yet reflect the sale. 

French mall owner Unibail-Rodamco-Westfield announced its plans to offload its U.S. mall holdings last year. The portfolio amounts to roughly $13.2B in assets. This year, UBW sold its Promenade mall site in the San Fernando Valley to Rams owner and real estate billionaire Stan Kroenke. He plans to build facilities for the NFL team on the site, which is entitled for housing, retail, a performance venue and more.