LOS ANGELES-The Westfield Group has sold a majority stake in eight shopping centers across the country to Centro Properties Group and Somera Capital Management for $550 million. Seven of the centers are going to Centro and Somera is taking one.

Sydney, Australia-based Westfield, which has its US operations here, is selling the properties because they are not part of its core portfolio and don’t fit in with the company’s long-term redevelopment strategy, says Peter Lowy, Westfield’s group managing director. The company has divested similar assets in the United Kingdom.

Centro is taking full ownership of two of the centers, the 720,366-sf Enfield (CT) Square; and the 476,829-sf Westland, in Lakewood, CO. It is also acquiring a 95% interest in the other five, while Westfield will hold the remaining interest. Those centers are the 456,959-sf Eagle Rock, in Los Angeles; the one-million-sf Independence, in Wilmington, NC; the 1.1-million-sf Midway Mall, in Elyria, OH; the 727,185-sf Richland Mall, in Mansfield, OH; and the 501,038-sf West Park Mall, in Cape Girardeau, MO.

Australia-based Centro owns shopping centers in its home country, New Zealand and the US. The cap rate of its deal with Westfield comes in at 7%.

Westfield is selling the 1.7-million-sf Northwest Plaza, in St. Ann, MO, to Somera for $47 million. Santa Barbara, CA-based Somera acquires value-added real estate of numerous property types. In April the company bought a 151-room Howard Johnson hotel in Charleston, SC. Its retail holdings include the 1.4-million-sf Metrocenter Mall in Phoenix and the 570,120-sf Queen Ka’ahumanu Center in Maui, HI, among others across the country.

Westfield owns 128 centers in the US, Australia, New Zealand and the UK. Its most recent domestic acquisition was the proposed purchase of the 300,000-sf Metreon retail-entertainment center in San Francisco with partner Forest City Enterprises. The two companies are spending $420 million in a one-million-sf expansion of the nearby 500,000-sf San Francisco Center.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.