USAA $1.1B Mall Portfolio Buy Includes Two Suburban Malls
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Two prime suburban malls were included in Westfield's $1.1B portfolio sale to a JV of Centennial Real Estate, Montgomery Street Partners and USAA Real Estate. Aurora's Fox Valley Mall, best known for its popular carousel (pictured) and Hawthorn Mall in Vernon Hills were among five malls sold to the Centennial JV in a deal completed Dec. 18.
As Quantum Real Estate Advisors' Chad Firsel told Bisnow, malls without anchor tenants have been very hard to move this year. What made the Westfield sale so enticing was the average occupancy rate of the five properties was at 97%. The portfolio totals over 6M SF in retail space, reports Crain's.
The other malls in the sale are in California, Connecticut and Washington state. Westfield's lone remaining Illinois mall is Old Orchard in Skokie, and it will retain a 20% stake in the other malls. [Crain's]