Westfield Corp. announced on Monday that it has acquired the Sears store slated for closure at its Westfield Topanga mall and will redevelop the space into an entertainment complex to complement its Village at Topanga, which will open in September.
The Century City mall owner and developer anticipates redeveloping the 160,000-quare-foot Sear’s – which will close in May – into an upscale movie theater complex with new restaurants.
The company also said that the $350 million Village mall, which will connect the company’s Topanga and Promenade malls, will feature an REI sporting goods store as an anchor, joining a previously announced Costco Wholesale Corp. outlet.
Westfield additionally released the names of a host of other businesses that have signed leases at the Village, including Sur La Table, Jonathan Adler, Z-Gallerie and Bassett Furniture outlets.
Other businesses include Burke-Williams Day Spa, Il Fornaio restaurant, Sushi Katsuya, Lucille’s BBQ and EMC Seafood & Raw Bar. It also will have financial services and fitness tenants.
Westfield confirmed it had purchased the land beneath the Westfield Promenade’s Macy's Furniture Gallery – also slated for closure – but did not immediately announce plans for the site.
“Our additional investment in the former Macy’s and Sears spaces offers significant opportunity for future growth,” said Greg Miles, Westfield U.S. chief operating officer, in a statement.
Westfield said the Village and its two existing malls will have 350 tenants and generate an estimated $1.2 billion to $1.4 billion in annual sales.