DALLAS – A group including Dallas-based Centennial Real Estate Co., Montgomery Street Partners, the real estate investment affiliate of Blum Capital Partners, and San Antonio’s USAA Real Estate Co. acquired five regional malls from Westfield Corp. for $1.1 billion.
The 6 million-SF portfolio has an average occupancy of 97 percent. The properties are: Connecticut Post Mall in Milford, Conn.; Main Place Mall in Santa Ana, Calif.; Hawthorn Mall in Vernon Hills, Ill.; Fox Valley Mall in Aurora, Ill.; and Vancouver Mall in Vancouver, Wash.
“The partners in this transaction bring exceptional real estate expertise, and together we look forward to capitalizing on the many unrealized opportunities at each of these locations,” said Steven Levin, Centennial Real Estate’s chief executive officer. “Our goal is to provide a community hub and destination complete with the best available options in shopping, dining and entertainment.”
The five-center acquisition advances Centennial’s promise to reinvest in and revitalize U.S. retail hubs and surrounding communities. Each property will be evaluated to ensure that it is meeting the wants and needs of each local market and the shoppers it serves.
“We are very pleased to be completing our first venture with Centennial Real Estate and Montgomery Street Partners. I am confident this partnership will create additional value in these outstanding assets,” said Len O’Donnell, president and CEO of USAA Real Estate.