The Westfield Group has announced it has agreed to acquire a 100% interest in the Sunrise Mall in Massapequa, New York for US$143 million of which approximately US$55 million will constitute new Westfield America operating partnership units. The center is being acquired at a yield of 7.9%. The completion of the purchase is expected to occur early in the second half of 2005.
The mall is a two-level, 1.246 million ft² (115,000 m²) super regional shopping center anchored by Sears, Macy's, JCPenney and Wal-Mart, with 128 in-line specialty stores. Total sales for 2004 were approximately US$240 million with specialty store sales productivity at approximately US$338 per square foot.
Sunrise has a trade area of more than 1.4 million people with average household incomes of US$86,600.
Westfield has six shopping centers in the New York/New Jersey/Connecticut tri-state market. Sunrise Mall will be branded Westfield Sunrise, and represents the seventh Westfield center in the tri-state market.
"We are pleased to increase our investment in the New York market area," said Managing Director Peter Lowy. "Sunrise offers both short and long-term redevelopment opportunities and is a very good geographic fit with existing assets in the region."