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OLYMPIA, WASH. — Starwood Capital Group has acquired a majority interest in seven regional malls, including three out West, for $1.6 billion. The acquisition includes Capital Mall in Olympia, Wash., Parkway Plaza inEl Cajon, Calif., and PlazaWest CovinainWest Covina, Calif.
The portfolio contained a total of 7.9 million square feet across four states. The malls have an average occupancy rate of 96 percent. The WestfieldGroup will maintain a 10 percent common equity interest in the properties. Starwood Retail Partners is the wholly owned, fully integrated operating platform that oversees Starwood Capital Group's retail investments.