Centennial acquired Westland for $149 million from Starwood Capital.
A Dallas-based owner of regional and super-regional malls has added a twelfth location to its mall roster.
Centennial took over management of the Westland Mall in Hialeah, Fla., in October and acquired the property for $150 million by assuming Starwood Capital Group’s loan from Aareal Capital Corporation.
The 835,000-sq.-ft. shopping center houses close to 100 tenants that include Macy’s, Bath & Body Works, Pandora, H&M, T-Mobile, Outback Steakhouse, and IHOP. Westland Mall is located in Dade County, about 15 miles northwest of downtown Miami.
“At Centennial, we’ve developed a distinct set of operating procedures that allow us to transform even top-performing real estate like Westland Mall and other future acquisitions into more dynamic destinations,” said Centennial’s founder and CEO Steven Levin. “We’re reimagining the retail real estate of today to create the dominant mixed-use destinations of tomorrow.”
Among the properties Centennial has acquired and is redeveloping with residential developments, parks, and gathering places are MainPlace in Santa Ana, Calif., The Post in Milford, Conn., and Hawthorn in Vernon Hills, Ill.