Record-setting Wellington mall deal closes

Mall at Wellington Green
Mall at Wellington Green

Starwood Capital Group closed on its record-setting acquisition of the Mall at Wellington Green in Wellington as part of a $1.4 billion portfolio purchase.

Greenwich, Conn.-based Starwood paid $341 million for the 1.3-million-square-foot mall, which is one of seven the company bought from Taubman Centers. The transaction included stores anchored by City Furniture and Nordstrom, but not buildings owned by Dillard’s, J.C. Penney and Macy’s. Starwood picked up 57.5 acres in the deal.

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“We look forward to strengthening our relationships with the properties’ anchors and tenants, welcoming new employees to our growing family, and working closely with all stakeholders to ensure that these shopping centers are the dominant retail destinations within their trade areas,” Starwood Retail Partners president and CEO Scott Ball said in a statement cited by the South Florida Business Journal.

Palm Beach County’s property appraiser office said the $341 million sale price is the most expensive recorded by the county. [South Florida Business Journal]Eric Kalis