Just before 2022 ended, Unibail-Rodamco-Westfield completed its package deal to sell its South Shore Mall in Bay Shore and another mall in Connecticut for $196 million to an unnamed commercial real estate investment firm, according to a news release.
The Connecticut mall, located in Trumbull, Conn., is called Westfield Trumbull.
According to the Westfield release, the combined $196 million assets “is equal to their gross market value,” with Trumbull being 85% leased, and South Shore being 89% leased.
GreaterBayShore first reported on the impending sale back in April.
The Westfield South Shore in Bay Shore was the last mall it owned on Long Island. The company sold its other local property, the Sunrise Mall in Massapequa, in 2020.
That property is currently being renovated by its new owners, according to Long Island Business News.
Many brick-and-mortar retailers and malls were hit hard sales-wise because of more people shopping online during the pandemic. The owner of Westfield malls will gradually sell off 24 mall properties in the United States within the next two years, the company had announced.
Unibail-Rodamco-Westfield is a global developer and operator of Flagship Destinations and as of last year operated 85 shopping centers, including 53 flagship locations in Europe and the U.S.
The company had announced last year it planned on initiating a “radical reduction of financial exposure to the U.S. in 2022 and 2023” and operate their European locations only.