Westfield Sells Former Promenade Property

Unibail-Rodamco-Westfield announced the continued streamlining of its U.S. portfolio with the sale of the 34-acre site of the former Westfield Promenade mall to a group of private investors for an undisclosed price.

Paris-based URW recently completed the city’s planning and development process for the Warner Center property, securing approval for a 3.2 million- square-foot mixed-use development aligned with the area’s existing Warner Center 2035 Specific Plan.  

The buyers may be connected with the Los Angeles Rams. The Super Bowl champions have been in negotiations to purchase the site of the former Westfield Promenade shopping mall in Woodland Hills for its team practice facility, according to a Los Angeles Times report. 

Until recently, the 34 acres between Topanga Canyon Boulevard and Oxnard Street had been earmarked for a $1.5 billion overhaul of the nearly vacant Westfield Promenade mall. The Promenade 2035 project, which received approval in 2020, would have brought in 1,400 apartment units, retail, a 572-key hotel, a 731,500-square-foot office building and a 10,000- to 15,000-seat sports arena. 

It would appear that this plan could be scrapped with the purchase.   

However, the sale of the property is in line with a statement last year by Jean-Marie Tritant, chief executive of the Paris-based Unibail-Rodamco-Westfield, who said that his company would not be pursuing any more assets in the United States.