Expect to see demolition work begin soon at the shuttered Westminster Mall, as Irvine\u2019s Shopoff Realty Investments is said to have closed on the last big piece of the 50+ year old property along the San Diego (405) freeway.<\/p>\n
A deal between Shopoff Realty Investments and former mall owner Washington Prime Group is said to have been recently completed for a large chunk of the nearly 100-acre mall property; term of the transaction haven\u2019t been disclosed yet.<\/p>\n
Shopoff Realty Investments had already paid about $95 million in 2022 for a 26-acre portion of the mall, which included the former Macy\u2019s and Sears spaces, and an adjacent parking lot.<\/p>\n
The local developer, led by Bill Shopoff, envisions building 2,250 homes along with other uses at its project, dubbed Bolsa Pacific. It is set to be the company\u2019s largest-ever project in OC.<\/p>\n
The recent sale and impending demolition work should help resolve reports of vandalism, trespassing and other crime taking place at the abandoned mall since its closure in October.<\/p>\n
Is South Coast Plaza facing the loss of another department store anchor?<\/p>\n
Saks Global, parent of Saks Fifth Avenue, filed for Chapter 11 bankruptcy on Jan. 14, listing nearly $2.5 billion in debt.<\/p>\n
A restructuring of its leases and shrinking of its real estate portfolio is expected; the company said last week it would work with A&G Real Estate Partners to get out of leases and dispose of excess property.<\/p>\n
A report last month in fashion trade publication Women\u2019s Wear Daily, prior to the bankruptcy filing, cited the Saks location in Costa Mesa as one of about a dozen \u201cweaker locations\u201d that were in jeopardy of being closed.<\/p>\n
The SCP location, near the Macy\u2019s Men\u2019s Store, runs about 103,000 sq. ft., according to CoStar records.<\/p>\n
A SCP spokesperson said it doesn\u2019t comment on behalf of its retailers.<\/p>\n
The upscale mall\u2019s last big anchor to close was Sears, in 2019. That spot remains shuttered.<\/p>\n
OC\u2019s Brian Niccol is beginning to see results in his turnaround plan for Starbucks (Nasdaq: SBUX).<\/p>\n
The coffee chain giant last week reported its first quarterly growth in same-store sales (4%) in two years, amid the \u201cBack to Starbucks\u201d turnaround strategy announced by Niccol after his hiring in late 2024.<\/p>\n
\u201cIn fiscal 2026, we\u2019re going to be shifting to play offense and to innovate,\u201d Niccol said last week. \u201cThis is really just the beginning.\u201d<\/p>\n
The former Chipotle CEO, who still lives in Newport Beach, earned about $31 million last year. Regulatory filings last week indicated that Starbucks scrapped a $250,000 cap on private airplane use for Niccol, who often commutes to Seattle on a company jet for work, due to security concerns.<\/p>\n
The country\u2019s largest reported Costco development to date is taking place in LA County\u2019s Baldwin Hills, where an estimated $425 million mixed-use project is set to include over 800 apartments alongside a new warehouse for shoppers.<\/p>\n
Brea\u2019s new Costco, planned at the site of the city\u2019s Beckman Coulter campus, could see a similar price tag, when factoring in the just-completed $140 million land deal, $106 million development cost for the warehouse, and a housing project overseen by Lennar. See Joseph Pimentel\u2019s front-page story for more.<\/p>\n","protected":false},"excerpt":{"rendered":"Expect to see demolition work begin soon at the shuttered Westminster Mall, as Irvine\u2019s Shopoff Realty Investments is…\n","protected":false},"author":2,"featured_media":26996,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[36],"tags":[163,165,164],"class_list":["post-160488","post","type-post","status-publish","format-standard","has-post-thumbnail","category-anaheim","tag-anaheim","tag-anaheim-headlines","tag-anaheim-news"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts\/160488","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/comments?post=160488"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts\/160488\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/media\/26996"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/media?parent=160488"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/categories?post=160488"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/tags?post=160488"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}