The seller of the properties is SPG-FCM Ventures LLC, a 50/50 joint venture between an equity owned by Simon Property Group, Inc. and funds managed by Farallon Capital Management LLC. SPG-FCM Ventures acquired the properties as part of its acquisition of the Mills Corp. in March. The sales are expected to close within 90 days.
"We are pleased to expand our presence in Florida with the acquisition of these two centers, both of which have significant long-term redevelopment potential," says Westfield Group managing director Peter Lowy, in a released statement.
Broward is a one-story, one-million-sf shopping center at 8000 West Broward Blvd. anchored by Dillard's, JC Penney, Macy's and Sears that has 125 specialty stores, including Cache, Ann Taylor Loft, Brookstone, Champs and Bandolino Shoes. Sales are approximately $470 per sf and the center is 89.4% leased.
Westland is a one-story, 820,000-sf shopping center at 1675 West 49th St. anchored by Macy's, Sears and JC Penney that has 96 specialty stores, including Claire's Boutique, Waldenbooks, GNC and Kay Jewelers. Sales are approximately $460 per sf and the center is 85% leased.
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