Transactions - FEBRUARY 5, 2015

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Westfield portfolio sells for $925m

by Andrea Waitrovich

Three U.S. Westfield malls totaling $925 million in property value have a new owner. The portfolio totals 3.74 million square feet, and the assets are located in California, Connecticut and Maryland.

The largest but second highest priced mall was the 1.64 million-square-foot Westfield Wheaton in Silver Spring, Md., which sold for $391.6 million, or $239 per square foot. The second largest and highest priced was the 1.12 million-square-foot Westfield Trumbull in Trumbull, Conn., which sold for $413.2 million, or $368 per square foot.

O’Connor Capital Partners purchased 47.4 percent stake in the mall, and Westfield will continue to own an interest in the property.

And the third asset is the 980,041-square-foot Westfield Palm Desert in Palm Desert, Calif., which sold for $120.2 million, or $123 per square foot.

Westfield has been actively selling interests in its assets in the United States during the past three years.


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