Starwood Capital Group and Starwood Retail Partners Affiliate Acquire Kitsap Mall in Silverdale, Washington Transaction Includes Kitsap Mall, Kitsap Place and North Point at Kitsap
GREENWICH, Conn., June 13, 2013 /PRNewswire/ -- Starwood Capital Group, a leading global private investment firm, and Starwood Retail Partners ("SRP") announced today that an affiliate has acquired Kitsap Mall and two adjacent properties, Kitsap Place and North Point at Kitsap in Silverdale, WA, from Macerich. Terms of the transaction were not disclosed.
Kitsap Mall is the only regional mall on the Kitsap peninsula and contains over 700,000 square feet of retail space. The mall includes a mix of national and regional retailers and is well occupied. Kitsap Place and North Point at Kitsap are shopping centers adjacent to the mall which contain an additional 150,000 square feet of retail.
The onsite management teams at the Kitsap assets will remain in place and operate the properties under the direction of Starwood Retail Partners.
"We are proud to add these strong assets to our growing collection of regional malls and look forward to investing to improve them for the benefit of the community, our tenants and our investors," said Jeff Shuster, Vice President at Starwood Capital Group.
Scott Wolstein, Chief Executive of SRP commented, "We are excited to welcome the Kitsap properties into the SRP family and look forward to utilizing our best-in-class retail expertise to further enhance the shopping experience for our customers. Starwood and SRP will now own, lease and provide asset management services for approximately 10 million square feet of retail. "
Jones Lang LaSalle represented the seller in the sale portion of the transaction and also represented the buyer in the financing of the transaction.
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