San Diego's Westfield Mission Valley mall has been sold for $290 million to a pair of developers who intend to transition the property to become a walkable, livable, mixed-use community.
Los Angeles-based Lowe, formerly known as Lowe Enterprises, and Colorado's Real Capital Solutions announced today the acquisition of Westfield Mission Valley, the 1.1-million-square-foot open air retail center. The companies intend to upgrade and reposition the shopping mall into a walkable, transit oriented mixed-use village. Lowe will lead the project to implement a mixed-use concept that will refresh the existing retail and add complementary uses such as multifamily residential to the expansive property.
"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 of Lowe. "Lowe has a deep history as an owner and developer in San Diego and we have specific insight into the Mission Valley area as the owner of the Town and Country resort where we completed a comprehensive renovation to the resort and developed the plan to add apartments to several acres at its periphery.”
Originally built in 1960, the Mission Valley retail center is set on more than 41 acres in the Mission Valley area of San Diego. The property currently offers a mix of approximately 73 shops and restaurants including retailers Target, Nordstrom Rack, Macy's Home, Michael’s, Bloomingdale’s Outlet, a 24-Hour Fitness, and a range of dining options such as Yard House, Outback and Buffalo Wild Wings. The center also includes the AMC Mission Valley 20 theaters. A new location of Novo Brazil was intended for the space that last housed a branch of Tilted Kilt within Westfield Mission Valley shopping center, but there is no word on how this sale affects those plans.
"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," noted Joel Mayer, Lowe Executive Vice President and head of Retail reVision. "Customers today are seeking food and fun as a part of their shopping experience. We intend to add unique local restaurants, specialty food cafes and entertainment uses along with new retailers that offer a variety of experiences for all ages."
Mission Valley center is located one mile west of Town and Country resort, a 675-room, 40-acre Lowe-owned property originally built in the 1950s which Lowe completely renovated and repositioned, in keeping with its mid-century modern architecture and design, that was completed in 2020. In San Diego, Lowe also is known for its development of IDEA1, a mixed-use apartment, office, restaurant and collaborative public work space in downtown San Diego and its ongoing development of the 1.7 million square foot, multiphase County Operations Center. Currently, Lowe is managing the development and leasing of the office portion of WEST, downtown San Diego’s first multi-mixed-use tower due for completion in early 2024.
Lowe has engaged Centennial to manage the property. Centennial will provide management services for the Mission Valley center, including property management, marketing and accounting. Project leasing will be led by a partnership of Centennial and Retail Insite. No plans for altering the property has yet to be submitted to the city.
Westfield Mission Valley is located at 1640 Camino Del Rio North in San Diego's Mission Valley area. For more information, visit westfield.com/united-states/missionvalley.
