Australia-based Westfield America Trust picks up 1.8-million-sf Old Orchard in north suburban Skokie, 1.4-million-sf Fox Valley Center in far west suburban Aurora and 1.2-million-sf Hawthorn Center in north suburban Vernon Hills. The common denominator is Marshall Field's, which has an anchor location in all three of the malls.
Baltimore-based Rouse Co., which already owns Randhurst shopping center in northwest suburban Mount Prospect, picks up a 50% stake in the 2.3-million Oakbrook Center in west suburban Oak Brook and a 52% stake in the 820,000-sf Water Tower Place on North Michigan Avenue. Lord & Taylor and Marshall Field's have anchors at both malls.
Westfield America Trust is paying $152.53 per sf for more than 15 million sf of the Rodamco portfolio. That would make Old Orchard worth $272 million, Fox Valley $216 million and Hawthorn Center $188 million. The Rouse Co. is paying $179.08 per sf for 8.1 million sf. That makes Oakbrook Center worth $406 million while the high-profile Water Tower Place would be worth $147 million.
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