Norfolk, Richmond Malls Acquired by Starwood as Part of $1.4B Retail Deal

Last month, Starwood Capital Group completed the acquisition of seven regional shopping malls from Taubman Centers. Two of the properties in the portfolio are located in the state of Virginia, in the cities of Richmond and Norfolk.

By Adrian Maties, Associate Editor

Regional malls in Richmond and Norfolk are among seven retail centers acquired by Starwood Capital Group from Taubman Centers Inc. last month in a $1.4 billion deal.

Located at 9200 Stony Point Parkway in Richmond, Stony Point Fashion Park opened in 2003 and offers about 660,000 square feet of space. Anchor tenants include Dick’s Sporting Goods, Dillard’s, Saks Fifth Avenue and CineBistro. According to Richmond BizSense, Starwood paid $72 million for the center.  Not included were the Dillard’s and Saks Fifth Avenue stores, both of which are owned by the retailers.

The larger of the two properties, the 900,000-square-foot MacArthur Center, opened 15 years ago in Norfolk. Its tenant lineup comprises about 140 stores and restaurants, including a 7,500-square-foot Texas de Brazil restaurant that opened on Nov. 1. The sale price was not disclosed, but estimates MacArthur Center’s current market value at $143.9 million.

“The Taubman organization did a wonderful job developing and operating these leading regional malls, and we are committed to upholding their high standards,” said Starwood Retail Partners CEO Scott Wolstein in a statement. “With the strategic addition of these seven assets to the Starwood Retail Partners platform, we have significantly increased the number of properties under our brand and expanded the square footage of our portfolio by approximately 38 percent. We are extremely proud of the portfolio and the industry-leading team that we have built over the past 28 months.”

Also acquired by Starwood were Northlake Mall, Charlotte, N.C.; The Mall at Wellington Green, Wellington, Fla.; The Shops at Willow Bend, Plano, TX; The Mall at Partridge Creek, Clinton Township, Mich.; and Fairlane Town Center in Dearborn, Mich. Starwood Retail Partners will manage and lease the properties.

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