Unibail-Rodamco-Westfield, the owner of 16 retail centers across the U.S., told investors that it has agreed to sell San Jose’s Westfield Oakridge Mall to an undisclosed buyer, reported the Silicon Valley Business Journal. Located at 925 Blossom Hill Rd., Oakridge represents one of the company’s smallest retail malls at 108,300 square feet of gross leasable area.
The French real estate company did not disclose the sale price, but said it has received a $30 million non-refundable cash deposit as part of the sale agreement, the Business Journal reported. The transaction is expected to the close in the second quarter, the company said.
URW’s decision to sell Westfield Oakridge is part of the company’s plans to streamline its portfolio and significantly downsize its U.S. presence. Over the past two years, it has sold a number of California retail properties, most recently trading Valencia Town Center for $199 million.
