by Ken Davidson
Starwood Capital Group, a private investment firm, announced that it has acquired a majority interest in 7 malls from Sydney, Australia based Westfield Group. Local Westfield Southlake Mall was included in this purchase agreement. Starwood has announced that they will drop the Westfield name from the mall and it will revert to the original name, Southlake Mall. In a statement, the company indicated the transaction would lead to new investment in the malls:
"We are excited to be acquiring a portfolio of regional malls that are dominant and well positioned within their respective submarkets, and which feature strong anchor and inline sales performance," said Jeff Shuster, Vice President at Starwood Capital Group. "This transaction offers our investors an opportunity to generate attractive risk-adjusted returns. We plan to invest fresh capital across the portfolio to improve the assets, attract new tenants and position the malls to continue to best serve their local communities."
The other malls acquired are:
- Belden Village Mall in Canton, OH
- Capital Mall in Olympia, WA
- Franklin Park Mall in Toledo, OH
- Great Northern Mall in North Olmsted, OH
- Parkway Plaza in El Cajon, CA
- Plaza West Covina in West Covina, CA.