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.
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