AURORA – Fox Valley Mall in Aurora was one of five regional malls recently purchased for $1.1 billion by Centennial Real Estate Company, Montgomery Street Partners and USAA Real Estate Company, from Westfield Corporation, the company announced.
Montgomery Street Partners, the real estate investment affiliate of Blum Capital Partners, and USAA Real Estate Company, along with Westfield, will maintain a minority equity interest, according to the announcement from Centennial.
The other regional malls acquired were Hawthorn Mall in Vernon Hills, Main Place Mall in Santa Ana, California, Connecticut Post Mall in Milford, Connecticut and Vancouver Mall in Vancouver, Washington, according to the announcement.
Centennial, which is based in Dallas, will be the managing company responsible for the daily operations of each of the malls. The existing on-site management teams will continue to operate the properties under Centennial’s direction.
The five-center acquisition advances Centennial’s promise to reinvest in and revitalize U.S. retail hubs and surrounding communities, according to the company.
In a prepared statement, Centennial Real Estate’s chief executive officer, Steven Levin, said the transaction's partners "bring exceptional real estate expertise, and together we look forward to capitalizing on the many unrealized opportunities at each of these locations."
"Our goal is to provide a community hub and destination complete with the best available options in shopping, dining and entertainment," according to Levin's statement. "A mall can’t just be about shopping anymore. Understanding the needs of your market is the cornerstone of creating a one-of-a-kind experience that guests can’t get online or anywhere else."
Centennial will implement marketing and leasing efforts that align with each mall’s commitment to offer a current and unique mix of retail, dining, entertainment and special events for the local community, according to the company.
In a statement, Len O’Donnell, president and CEO of USAA Real Estate Company, said he was confident the new partnership among the companies will increase the value of the malls.