{"id":1004087563,"date":"2013-11-26T06:37:28","date_gmt":"2013-11-26T14:37:28","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=219231"},"modified":"2020-04-13T00:13:43","modified_gmt":"2020-04-13T08:13:43","slug":"starwood-buys-two-northeast-ohio-malls-as-part-of-1-6b-deal","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/starwood-buys-two-northeast-ohio-malls-as-part-of-1-6b-deal\/","title":{"rendered":"Starwood Buys Two Northeast Ohio Malls as Part of $1.6B Deal"},"content":{"rendered":"

By Adrian Maties, Associate Editor <\/em><\/p>\n

Investment firm Starwood Capital Group\"\"<\/a>\u00a0last week completed the acquisition of seven dominant regional malls in four states, on the West Coast and in the Midwest. The deal was announced<\/em><\/a> in September. Two Northeast Ohio shopping centers are also included in the portfolio.<\/p>\n

The two Northeast Ohio malls are the Great Northern\u00a0in North Olmsted and\u00a0Belden Village\u00a0in Canton. The Great Northern Mall is the largest of the two. It is a single-level enclosed shopping mall with about 1.2 million square feet of retail space, and is anchored by Macy\u2019s, Dillard\u2019s, Sears, J.C. Penney and Dick\u2019s Sporting Goods. The mall was constructed by the Biskind Development Co. and opened in 1965. Great Northern is currently undergoing an expansion project that will bring \u00a0a new movie theater, restaurants, reconfigured retail space and a new main entrance. The project is expected to be completed by the end of the year.<\/p>\n

Belden Village offers 826,140 square feet of space. It was constructed by The Richard E. Jacobs Group\u00a0and opened in 1970. Belden Village is anchored by Dillard\u2019s, Macy\u2019s and Sears.<\/p>\n

Starwood now owns three shopping centers in Northeast Ohio. The company acquired Strongville\u2019s SouthPark Mall last year.<\/p>\n

The portfolio contains 7.9 million square feet of retail space. It includes another Ohio mall, Franklin Park, in Toledo, with nearly 1.3 million square feet of retail space. The other malls in the portfolio are the Capital in Olympia, Wash., the Southlake in Merrillville, Ind., and the Parkway in El Cajon and Plaza West Covina in West Covina, Calif. All of the malls are anchored by major national retailers, with an average \"\"<\/a>occupancy of almost 96 percent. Starwood acquired the portfolio from the Sydney, Australia-based Westfield Group for $1.6 billion. Westfield will retain a 10 percent common equity interest in the properties. Read more about this story here<\/a><\/em>.<\/p>\n

Marcus & Millichap reports that retail property operations throughout the Cleveland metro area have been strengthened by growing apartment development activity. According to a report for the third quarter of 2013, transaction velocity in multi-tenant properties has almost doubled in the past four quarters, with the median price for multi-tenant properties reaching $38 per square foot. The Akron, Stark County and Northeast submarkets generated 40 percent of all sales in the past 12 months. Activity in Akron and Stark County more than doubled during this time.<\/p>\n

Photo credits: <\/em>Google Maps<\/em><\/a>.<\/em><\/address>\n
Charts courtesy of <\/em>Marcus & Millichap<\/em><\/a>.<\/em><\/em><\/address>\n","protected":false},"excerpt":{"rendered":"

Starwood Capital Group, a Greenwich, Conn.-based investment firm, has completed last week the acquisition of seven dominant regional malls in four states, on the West Coast and in the Midwest. The deal was announced in September. Two Northeast Ohio shopping centers are also included in the portfolio.<\/p>\n","protected":false},"author":925,"featured_media":1004506818,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1584,21742],"tags":[39423,1815],"class_list":["post-1004087563","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cleveland","category-latest","tag-cleveland","tag-national"],"acf":[],"yoast_head":"\nStarwood Buys Two Northeast Ohio Malls as Part of $1.6B Deal - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/starwood-buys-two-northeast-ohio-malls-as-part-of-1-6b-deal\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Starwood Buys Two Northeast Ohio Malls as Part of $1.6B Deal\" \/>\n<meta property=\"og:description\" content=\"Starwood Capital Group, a Greenwich, Conn.-based investment firm, has completed last week the acquisition of seven dominant regional malls in four states, on the West Coast and in the Midwest. 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