Sale of MacArthur Center and Stony Point Fashion Park completed

Published October 20, 2014 by Robert Powell, III

Connecticut-based Starwood Capital Group has completed its $1.4 billion purchase of seven regional shopping malls, including MacArthur Center in Norfolk and Stony Point Fashion Park in Richmond.

The seller was Taubman Centers Inc., based in Bloomfield Hills, Mich.

Under the deal announced in June, Starwood paid $785 million in cash and assumed $620 million in debt.

The seven properties total more than 7 million square feet. They will become part of the portfolio of  Starwood Retail Partners, which redevelops and manages retail real estate properties.

The company said existing management teams will continue to operate the properties under the direction of Starwood Retail Partners.

In addition to the Virginia malls, the deal includes:

• Northlake Mall in Charlotte, N.C.
• The Mall at Wellington Green in Wellington, Fla.
• The Shops at Willow Bend in Plano, Texas.
• The Mall at Partridge Creek in Clinton Township, Mich.
• Fairlane Town Center in Dearborn, Mich.

The 660,000-square-foot Stony Point Fashion Park opened in 2003.

MacArthur Center,  which has 1 million square feet, opened in downtown Norfolk in 1999.