Starwood to Acquire Seven Malls from Taubman
Taubman Centers, Inc. will sell seven shopping centers to Starwood Capital Group and its retail division, Starwood Retail Partners, for $1.4 billion. Starwood will pay $785 million in cash and assume $620 million in debt obligations. The sale is expected to close in Q4-2014.
Starwood will acquire the following properties from Taubman:
- MacArthur Center, Norfolk, VA – 934,000sf;
- Stony Point Fashion Park, Richmond, VA – 607,000sf;
- Northlake Mall, Charlotte, NC – 1.1 million square feet;
- The Mall at Wellington Green, Wellington, FL – 1.3 million square feet;
- The Shops at Willow Bend, Plano, TX – 1.3 million square feet;
- The Mall at Partridge Creek, Clinton Township, MI – 607,000sf;
- Fairlane Town Center, Dearborn, MI – 1.4 million square feet.
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Source: CPE
Last Updated on June 29, 2014 by Ramin Seddiq