Westfield America, Inc. (NYSE:WEA) announces 100% ownership of Westfield Shoppingtown Wheaton Plaza
01 February 1999
Countries: United States
Los Angeles, CA, February 1, 1999 – Westfield America, Inc. (NYSE: WEA) today announced it has acquired a 32% interest in Westfield Shoppingtown Wheaton Plaza, Wheaton, MD for units in Westfield’s operating partnership with a value of $38.4 million. This acquisition gives the company a 100% interest in the property.
The super regional shopping center is a two-level enclosed center with approximately 1.2 million square feet, making it the seventh largest shopping center in the Washington, D.C. metro area. The center is anchored by Hecht’s, Montgomery Ward and JCPenney and has 140 specialty stores. The 84-acre site also includes two freestanding office buildings.
“Westfield Shoppingtown Wheaton Plaza is an excellent redevelopment opportunity for Westfield,” said Peter Lowy, president of Westfield America. “The center has strong anchors and demographics, and we plan on renovating and expanding the center to reposition it in the Montgomery County market.”
Westfield America also owns two other super regional shopping centers in the greater Washington, D.C. area – Westfield Shoppingtown Montgomery Mall, Bethesda, MD, and Westfield Shoppingtown Annapolis, Annapolis, MD.
Westfield America, Inc. (NYSE: WEA), a real estate investment trust, is one of the leading owners of regional shopping centers in the United States. The company owns interests in 38 major shopping centers. The centers, branded Westfield Shoppingtowns, serve 10% of the U.S. population and comprise 35.5 million square feet of retail space in California, Colorado, Connecticut, Maryland, Missouri, New York, North Carolina and Washington.