Starwood Capital Group and Starwood Retail Partners Affiliate Acquire Two Malls from Macerich

Transaction Includes Rimrock Mall in Billings, MT and Northridge Mall in Salinas, CA

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Jun 05, 2013, 04:31 ET

GREENWICH, Conn., June 5, 2013 /PRNewswire/ -- Starwood Capital Group, a leading global private investment firm, and Starwood Retail Partners ("SRP") announced today that an affiliate has acquired Rimrock Mall in Billings, MT and Northridge Mall in Salinas, CA from Macerich. Terms of the transaction were not disclosed.

Rimrock Mall is the largest and highest quality mall in Montana with more than 620,000 square feet of retail space. The mall includes many national retailers and is approximately 95% occupied. It has recently drawn several new tenants to the market including White House Black Market, Dress Barn and rue21.

Northridge Mall, with over one million square feet of retail space, is well located on Highway 101 serving major California communities between San Jose and Monterrey. The mall is home to numerous national and regional tenants and is approximately 91% occupied.

The onsite management teams at Rimrock and Northridge will operate the properties under the direction of Starwood Retail Partners.

"We are very pleased to acquire these two dominant regional malls that are an integral part of the communities they serve," said Jeff Shuster, Vice President at Starwood Capital Group. "Both Rimrock and Northridge have no nearby mall competition, are well situated in growing trade areas and are assets that will drive strong returns for our investors."

Scott Wolstein, Chief Executive of SRP commented, "We are very excited to welcome these two malls to our expanding portfolio of assets; together with the malls Starwood acquired last year as well as an additional asset that it has under contract, Starwood and SRP will now own, lease and provide asset management services for approximately 10 million square feet across several states. Utilizing SRP's leading retail expertise and ability to drive additional operational value from the assets we own, I am confident we will be able to enhance the shopping experience at these premier properties and look forward to continuing to grow our portfolio."

About Starwood Capital Group Global, LLC
Starwood Capital Group is a private, U.S.-based investment firm with a core focus on global real estate. Since the group's inception in 1991, the firm has raised nearly $19 billion of equity capital and, through its various funds, has invested $15 billion representing over $38 billion in assets. Starwood Capital Group currently has over $23 billion of assets under management. Starwood Capital Group maintains offices in Greenwich, Atlanta, San Francisco, Washington, D.C., Los Angeles and Chicago, and affiliated offices in London, Luxembourg, Paris and Sao Paulo. Starwood Capital Group has invested in nearly every class of real estate on a global basis, including office, retail, residential, senior housing, golf, hotels, resorts and industrial assets. Starwood Capital Group and its affiliates have successfully executed an investment strategy that includes building enterprises around core real estate portfolios in both the private and public markets. Additional information about Starwood Capital can be found at www.starwoodcapital.com.

About Starwood Retail Partners
Starwood Retail Partners ("SRP") is a retail real estate platform that acquires, redevelops, manages and repositions retail real estate assets in order to enhance property cash flow and create long-term value for its capital partners. Formed by Starwood Capital Group, the global private real estate investment firm, and its affiliates, SRP seeks to capitalize on opportunities in the ever-changing retail landscape through a unique combination of talent, experience and execution capabilities in the regional mall, lifestyle, and power center sectors. SRP brings hands on experience in management, leasing and redevelopment to each of its investments, leaving it positioned to acquire, manage, reposition and re-develop market dominant shopping centers into the one-stop shopping destinations of the future.

SOURCE Starwood Capital Group