Starwood Retail Properties is in discussion with Macerich for the purchase of four low sales generating malls. These four malls are part of a larger list of seventeen other "B" grade malls put up for sale by Macerich last year.
The four malls that Starwood is keen on are Rimrock Mall in Billings, MT; Northridge Mall in Salinas, CA; the Centre at Salisbury in Salisbury, MD; and Kitsap Mall in Silverdale, WA. There is no agreement reached yet as well as no price set for the four malls, according to anonymous sources familiar with the transaction.
Starwood Retail Properties is the mall operations subsidiary of global real estate investment firm Starwood Capital Group. The current head of Starwood is Barry Sternlicht.
Macerich put up the malls for sale seeking funding to offset the cost of purchasing Kings Plaza Mall in Brooklyn, NY. The acquisition had a price tag of US$751 million from Alexander's, an affiliate of Vornado Realty Trusts Inc.
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