Wen Shan Chang, an investor based in Monrovia, is the buyer of the Westfield Santa Anita mall in Arcadia, The Real Deal has learned.
Riderwood USA, an entity managed by Chang, bought the 1.5-million-square-foot property at 400 South Baldwin Avenue for $538 million last month, according to public property records filed with L.A. County. Chang could not be reached for comment.
At the time of the sale, Eastdil Secured, which brokered the deal, said it was the most expensive retail deal to trade across the U.S. since 2018.
Unibail-Rodamco-Westfield sold the mall as part of its larger effort to divest its U.S. portfolio of regional malls. In March, URW sold a 34-acre site of the closed Promenade shopping mall in Woodland Hills for $150 million to Stan Kroenke, owner of the Super Bowl champion Los Angeles Rams NFL team.
Other entities managed by Chang own or have owned commercial real estate across California and Nevada, and have operated for more than 20 years.
S.M. Broadway, a corporation managed by Chang, sold a 113,000-square-foot building at 520 Broadway in Santa Monica for $31.6 million in 2004, records show. In 2007, a different entity managed by Chang sold a four-building retail portfolio in Little Tokyo for $41 million.
In 2019, another entity managed by Chang bought a 62-unit apartment complex at 2867 Sunset Place in Koreatown for $29.3 million, records show.
Through an entity named L.A. Wilshire, Chang owns two motels in Las Vegas — The Suites at 4855 Boulder Highway and the Nellis Suites at Main Gate at 4555 Las Vegas Boulevard North.