A company that operates high-end shopping malls located in the Los Angeles area recently agreed for a real estate company from another country to acquire it. The price tag was a whopping $16 billion. The buyer now has a number of opportunities to generate revenue through the mall properties' several commercial leases.
The company that agreed to be acquired is also based in another country and owns more than 30 malls. One of the malls it owns is Los Angeles's Century City center, which recently underwent a makeover valued at a billion dollars. Other properties that the company owns are located in such California cities as Canoga Park, Arcadia, San Diego and Santa Clarita.
The real estate giant that is making the $16 billion purchase operates nearly 70 shopping centers throughout the world, including in countries such as France, Spain, Sweden, Holland and Germany. Although this company is based abroad, one of its regional headquarters will be in Los Angeles. The merger is expected to create an attractive and strong platform for growth in the future.
Commercial leases can be lucrative money makers for those who own the properties being leased. However, understanding the legal process for acquiring these commercial properties in today's competitive real estate world can be tricky. In the same way, acquiring a lease with personally favorable terms can be challenging, especially in high-competition areas. Fortunately, a qualified real estate attorney can help those dealing with commercial leases to pursue outcomes that ultimately protect their best interests in the Golden State.
Source: latimes.com, "Shopping mall giant Westfield being sold to French real estate firm in $16-billion deal", James F. Peltz and Roger Vincent, Dec. 12, 2017