REAL ESTATE

The Laundry to open at West 7th

BY Staff Writer

Fort Worth, Texas — Dallas-based Cypress Equities said that drycleaner The Laundry will open at the mixed-use development West 7th, located in Fort Worth, Texas.

The 963-sq.-ft. shop is slated to open later this year.

West 7th’s retail and office components are being developed by a Cypress Equities company and the residential component by Columbus Realty Partners.

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REAL ESTATE

Starwood Capital acquires seven Westfield shopping centers

BY Staff Writer

Greenwich, Conn. — Private investment firm Starwood Capital Group announced that an affiliate of Starwood has completed its acquisition of a 90% majority interest in seven U.S. shopping centers from the Westfield Group.

Westfield retained a 10% minority interest in the portfolio.

Starwood also announced that it has formed a new subsidiary, Starwood Retail Partners, to be based in Chicago, to oversee the management of the newly acquired assets and has named Scott Wolstein, co-founder of DDR, as its CEO.

“Shopping centers in the United States are undergoing a transformation as junior anchors and value retailers are rethinking store size and distribution needs, to the benefit of regional malls, including the ones we recently acquired from Westfield,” said Wolstein. “We expect to build on this platform in the years to come.”

Chattanooga, Tenn.-based CBL & Associates Properties has been retained to provide a variety of management services for six of the acquired assets.

The malls acquired from Westfield include: Chicago Ridge Mall in Chicago; Gateway Mall in Lincoln, Neb.; Metreon in San Francisco; Louis Joliet Mall in Chicago; Solano Mall in Fairfield, Calif.; SouthPark Mall in Cleveland; and Westland Mall, Miami. Collectively, the malls consist of more than 6.6 million sq. ft.

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REAL ESTATE

Francesca’s opens at Willow Grove Park

BY Staff Writer

Willow Grove, Pa. — Philadelphia-based Pennsylvania Real Estate Investment Trust said that Francesca’s Collections has opened a 1,046-sq.-ft. store at Willow Grove Park, located in Willow Grove, Pa.

Laila Rowe is slated to opena 1,181-sq.-ft. store in September.

Francesca’s Collections and Laila Rowe continue a wave of leasing activity at the property that includes the opening of Nordstrom Rack, a two-story Forever 21 and family restaurant Bravo Cucina Italiana. These additions, joined by a 114,000–sq.-ft. prototype J. C. Penney opening this fall, complete the transformation of a former Strawbridge’s department store.

Willow Grove Park is a three-level, 1.2 million-sq.-ft. regional shopping mall anchored by Bloomingdale’s, Macy’s, Sears and The Cheesecake Factory.

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