URW Buys 138,860 SQFT Former Sears Building in Westfield Galleria at Roseville for $23.4MM

Unibail-Rodamco-Westfield, URW, Roseville, Sears, Westfield Galleria, Seritage Growth Properties, Round1 Bowling & Amusement, Cinemark, JCPenney, Macy’s, The Lego Store, Nordstrom, Zales, Paris, The Village, San Fernando Valley, Los Angeles, Kroenke Organization, Westfield Santa Anita
Courtesy of URW

By Kate Snyder

Though the company has been selling off multiple assets in California, an entity affiliated with Unibail-Rodamco-Westfield, or URW, has purchased a 138,860 square foot former Sears building in the firm’s Westfield Galleria at Roseville for $23.4 million, or about $169 per square foot, according to the Sacramento Business Journal. The seller was Seritage Growth Properties, which was created to handle real estate assets after Sears’ 2018 bankruptcy.

Built in 2000, the retail building involved in the recent sale is located at 1191 Galleria Blvd. and currently houses Round1 Bowling & Amusement and Cinemark. URW owns the Westfield Galleria, and other tenants in the mall include JCPenney, Macy’s, The Lego Store, Nordstrom and Zales.

Based in Paris, URW specializes in owning, developing and managing premier retail assets, such as shopping centers and airports, in Europe and the U.S., according to the firm’s website. The firm operates 80 shopping centers in 12 countries, as well as a portfolio of offices and convention and exhibition venues in Paris.

Recently, URW has been selling multiple California assets. One recent transaction was for The Village, an outdoor lifestyle destination in the San Fernando Valley of Los Angeles, which sold to the Kroenke Organization for $325 million, or approximately $541 per square foot, according to The Registry’s previous reporting. The Village is a 600,000 square foot property located next to the Promenade development site, which URW also sold for $150 million. 

The firm announced that with the sale of The Village, URW has made $1.1 billion in total proceeds from the planned reduction of its financial exposure to the U.S., including the sales of Westfield Santa Anita for $537 million, the Palisade residential building for $238 million and the ownership transfer of five other regional properties. The sale of the Westfield Santa Anita in Arcadia was announced earlier this year.

West Coast Commercial Real Estate News