December 22, 2015
Australia-based Westfield Corp., one of the world’s largest shopping center developers and owners, recently sold $1.1 billion of its portfolio, spanning four states, five malls, and six million square feet of space.
A joint venture that includes Centennial Real Estate Co., Montgomery Street Partners, USAA Real Estate Co. and an arm of Blum Capital Partners purchased the assets, and intends to add value with new tenants and enhancements. Centennial’s CEO Steven Levin says, “A mall can’t just be about shopping anymore…our goal is to provide a community hub and destination, complete with the best available options in shopping, dining and entertainment.”
Main Place Mall in Santa Ana, Calif.; Connecticut Post Mall, in Milford, Conn.; Hawthorn Mall in Vernon Hills, Ill.; Fox Valley Mall in Aurora, Ill.; and Vancouver Mall in Vancouver, Wash. were all part of the transaction. The properties are all 97-percent leased, and Levin added that the deal was indicative of the continuing demand for experiential-shopping venues.