SAN DIEGO — One of San Diego’s most iconic shopping malls, Westfield Mission Valley East and its neighboring shopping center, Mission Valley West, have been sold to two developers in a deal totaling $290 million.
French investor Unibail-Rodamco-Westfield announced the sale Friday, with Lowe and Real Capital Solutions purchasing Mission Valley East, the larger shopping mall. Westfield Mission Valley West, which is home to retailers and restaurants that include Trader Joes and Old Navy, was sold to Sunbelt Investment Holdings in a separate deal.
Westfield Mission Valley East was built in the 1960’s and is home to Target, Nordstrom Rack, 24-Hour Fitness, AMC Theaters and more. Lowe has plans to turn the shopping mall into a walkable, mixed-use village with shopping, restaurants, entertainment and residential apartments.
“We are well acquainted with this property and have long had an interest in its potential both as a thriving, ongoing retail destination and as an opportunity to bring much needed housing to this community,” said Mike McNerney, Executive Vice President, Lowe. “Lowe has a deep history as an owner and developer in San Diego and we have specific insight into the Mission Valley area.”
Nearly 73 stores and restaurants are located at Westfield Mission Valley and Lowe plans to refresh the center with a reenvisioned concept.
“Mission Valley center has a solid position in the market with many popular retailers and restaurants. We intend to build on its strengths and update the property by devoting capital to a host of improvements including creating more inviting public spaces and plazas to encourage gathering, and increase outdoor dining areas,” said Joel Mayer, Lowe Executive Vice President and head of Retail reVision
Lowe is also managing the development of WEST, Downtown San Diego's first mixed-use high-rise set to open in 2024.
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