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
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
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
Contact: Tom Johnson or Patrick Tucker, 212-371-5999,
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