Macerich faces default on Westside Pavilion (West Los Angeles) mall loan

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CalItalian
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Macerich faces default on Westside Pavilion (West Los Angeles) mall loan

Post by CalItalian » October 2nd, 2017, 9:21 pm

Macerich faces default on Westside Pavilion mall loan
https://therealdeal.com/la/2017/09/21/m ... lion-loan/

Nordstrom closed permanently in the Westside Pavilion (Rancho Park, West Los Angeles) mall today. Tomorrow, October 3rd, it opens in its new built from the ground up location in the Westfield Century City about a mile away (in the area that use to be Bullock's & Macy's). https://www.glamour.com/story/nordstrom ... plus-denim

With Macy's having sold its store for $50 million in the Westside Pavilion mall http://labusinessjournal.com/news/2017/ ... ling-poss/ and reopening a brand new built from the ground up store this past April at the Westfield, I predict Macy's will close in the Westside Pavilion this coming January 2018.

Macerich also owns the Santa Monica Place which has been highly successful since it was turned into an outdoor mall.

storewanderer
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Re: Macerich faces default on Westside Pavilion (West Los Angeles) mall loan

Post by storewanderer » October 2nd, 2017, 10:01 pm

Macerich had a mall in my city that was many years old and had been very successful. Sears moved out to a larger store in 1995 and Weinstocks went out of business around the same time in favor of the 2 Macys that were out at the mall that Sears moved into. Gottschalks promptly moved into Sears (store was being renovated at the time Weinstocks closure was announced) and Weinstocks was demolished to make way for a movie theater (which still operates today). Macerich did something odd in that they never physically connected the mall and the movie theater together. They let the mall die and it was eventually demolished.

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Re: Macerich faces default on Westside Pavilion (West Los Angeles) mall loan

Post by klkla » March 24th, 2018, 7:40 pm

I looks like Westside Pavilion is going to be 'repurposed' as office space and will only retain 100,000 sq. ft. of retail.

"Hudson Pacific Properties, Inc. and Macerich have formed a joint venture to transform the Westside Pavilion shopping mall into approximately 500,000 square feet of office space while retaining 100,000 square feet of existing retail space.
The project, which will be owned in a 75-25 split between HPP and Macerich respectively, is budgeted between $425 million and $475 million. Construction of the project is expected to be completed by mid-2021, after which point HPP will serve as managing member and day-to-day operator of the property."

Source:
https://urbanize.la/post/westside-pavil ... fice-space

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Re: Macerich faces default on Westside Pavilion (West Los Angeles) mall loan

Post by wnetmacman » March 25th, 2018, 1:41 pm

Many mall operators are defaulting on loans. CBL recently defaulted on the loan for Acadiana Mall in Lafayette, LA. They let it go to the lender, who immediately let it go to another company, Spinosa Property. CBL actually had the wherewithal to say that they were not interested in getting it back either.

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Re: Macerich faces default on Westside Pavilion (West Los Angeles) mall loan

Post by SamSpade » May 4th, 2018, 10:49 pm

LA Times on the Westside Pavilion:
https://www.latimes.com/local/lanow/la ... story.html
Once L.A.'s hottest mall, the Westside Pavilion is dying, and shoppers are bummed

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