MacArthur Center undergoes ownership change

Photo courtesy www.shopmacarthur.com
Photo courtesy www.shopmacarthur.com

NORFOLK, Va. (WAVY) – An ownership change is coming for MacArthur Center mall in downtown Norfolk.

Wednesday, Starwood Capital Group agreed to a purchase of seven malls, including MacArthur Center and Stony Point Fashion Park in Richmond.

The following seven malls are included in the deal:

  • MacArthur Center (Norfolk, Va.)
  • Stony Point Fashion Park (Richmond, Va.)
  • Northlake Mall (Charlotte, N.C.)
  • The Mall at Wellington Green (Wellington, Fla.)
  • The Shops at Willow Bend (Plano, Tex.)
  • The Mall at Partridge Creek (Clinton Township, Mich.)
  • Fairlane Town Center (Dearborn, Mich.)

The price tag for the deal is more than $1 billion.

Starwood is a privately held global investment firm with its global headquarters in Greenwich, Conn. and manages assets of $29 billion. The malls included in the deal will be operated by Starwood’s retail operating platform, Starwood Retail Partners, with a hands-on ownership approach.

At this time, WAVY News hasn’t heard about any possible changes to MacArthur Center related to the sale.

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