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Starwood Completes Purchase of Southlake Mall

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A Connecticut-based private investment firm announced today that it has completed the acquisition of a majority interest in seven shopping malls in the US from the Westfield Group, including Southlake Mall in Hobart. Starwood Capital Group says existing onsite management teams will continue to operate the properties under the direction of Starwood Retail Partners. Westfield will maintain a 10% common equity interest in the properties.
The malls contain 7.9 million square feet of retail space across four states on the West Coast and the Midwest. The sites are all anchored by major national retailers and have an average occupancy of approximately 96%. The other six properties 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; and Plaza West Covina in West Covina, CA.
Southlake Mall opened in 1974.  The mall, which has a Merrillville mailing address but is within Hobart city limits since an annexation that took effect in 1994, was purchased by Australia-based mall operator Westfield in 2002.
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