West Covina : Sale of Malls Negotiated

Shoppers will see no changes at the Plaza at West Covina or the Eastland Shopping Center if the malls are sold to a group of investors later this year, officials with the malls’ parent company said.

Prudential Insurance Co. of America announced last week that it is trying to sell Centermark Properties Inc., which owns the West Covina centers and has a stake in 18 other malls in Southern California and five other states.

In the $1-billion deal, which officials hope to complete by January, Prudential would sell Centermark shares to General Growth Properties Inc. of Des Moines and Westfield Holdings Ltd. of Sydney, Australia, each of which would own 40% of Centermark. Whitehall Real Estate Limited Partnership III, a real estate investment partnership, would buy the rest of the shares. Centermark officials said there will be no changes in management of their malls and new ownership will have no effect on shoppers.

Centermark malls in the Los Angeles area include Eagle Rock Plaza in Eagle Rock and Topanga Plaza in Canoga Park. Centermark also owns several San Diego-area malls, including Mission Valley Center, North County Fair, Plaza Bonita and Plaza Camino Real.