Investors buy stake in Westfield mall portfolio valued at $1.1b
USAA Real Estate Co., Montgomery Street Partners and Centennial Real Estate Co. are under contract to purchase an ownership stake in a Westfield mall portfolio valued at $1.1 billion. An official statement has not been released.
The portfolio comprises five malls totaling 3.4 million square feet in California, Connecticut, Illinois and Washington state, according to Real Capital Analytics.
The highest priced and largest mall was the 884,228-square-foot MainPlace in Santa Ana, Calif.. The partnership will pay $280 million to own a 79 percent stake in the enclosed two-story mall, which is valued at $353.9 million.
The partnership will also pay $156.6 million for a 79 percent stake in the 812,000-square-foot Westfield Connecticut Post in Milford, Conn., which is valued at $209 million. A 79 percent stake in the 649,000-square-foot Westfield Hawthorn Mall in Vernon Hills, Ill., was acquired for $153.3 million, valuing the property at $196 million. A 79 pe