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Richmond Shopping Mall $1.4B Sale



Taubman Centers Inc. developed Stony Point more than ten years ago and is set to sell the mall along with six other centers to Starwood Capital Group. 

The deal should be completed during the fourth quarter.MacArthur Center in downtown Norfolk is included in the deal.The deal of $1.405 billion includes cash of $785m and property-level debt of $620m which will be settled upon closing.This sale is a good strategic move for Starwood and the Starwood Retail Partners unit. 

The Chairman and Chief Executive of Starwood Capital Group, Barry Sternlicht, said that the Taubman portfolio will broaden their relationship with high-end department stores and tenants. This will offer them the opportunity to offer their investors good returns.Stony Point was opened during September 2003. It is a 668000ftІ mall, with anchors which include Dick’s Sporting Goods, Dillard’s and Saks Fifth Avenue. During 2012, Stony Point was outdone in the sales arena by its rival, Short Pump Center in Henrico County. Stony Point achieved $110.56m, while Short Pump showed R352.2m during that year.



More about shopping malls in the USA



TODAY, USA:
Kohl’s is adding free returns for Amazon customers in 82 stores.
Sep 22, 2017, United Kingdom:
The software giant has announced plans to open a flagship in London on Regent Street.
Sep 21, 2017, United Kingdom:
The American brand will launch its first full-price standalone store outside London.
Sep 20, 2017:
What changes can we expect in shopping malls and retail shops in the near future?
Sep 20, 2017, Netherlands:
Multi Netherlands kicks off the major city center project in Rotterdam.
Sep 19, 2017, United Kingdom:
L&G has announced a £10 million increase in its investment of The Grafton Cambridge.


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