Rimrock Mall is sold to Chicago investors

2013-06-05T15:06:00Z 2013-06-06T13:48:05Z Rimrock Mall is sold to Chicago investorsBy JAN FALSTAD jfalstad@billingsgazette.com The Billings Gazette

An affiliate of Chicago-based Starwood Retail Properties LLC has purchased Rimrock Mall in Billings and Northridge Mall in Salinas, Calif.

Terms of the deal with the seller, The Macerich Co., were not announced.

“Both Rimrock and Northridge have no nearby mall competition, are well situated in growing trade areas and are assets that will drive strong returns for our investors,” said Jeff Shuster, Starwood Capital Group vice president.

A sister company, Starwood Retail Partners, will operate both malls.

Starwood Capital Group, a privately owned investment company formed in 1991, now manages more than $23 billion in assets in the U.S. and overseas.

Last year, Macerich announced plans to sell 17 malls with lower sales than the top-tier national malls. The company wanted to use the money to help pay for its $751 million purchase of malls in New York City and Long Island, N.Y.

Calls for comment to Rimrock Mall were not immediately returned.

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