New York City — O’Connor Capital Partners and Washington Prime (NYSE: WPG) have formed a joint venture for the ownership of seven open-air retail centers to totaling 2 million square feet and valued at $600 million.
O’Connor acquired a 49 percent stake in the venture, while Washington Prime will retain a 51 percent interest. It is the second joint venture between the two companies. In 2015, the companies formed a joint venture to acquire five regional malls valued at $1.625 billion.
“We are extremely pleased to be partnering with Washington Prime on this highly desirable retail portfolio,” says William O’Connor, CEO of New York City-based O’Connor Capital Partners.
The seven centers included in the new joint venture between Washington Prime and O’Connor Capital are:
- Arbor Hills, Ann Arbor, Michigan;
- Classen Curve/Nichols Hills Plaza/The Triangle at Classen Curve, Oklahoma City;
- Gateway Center, Austin, Texas;
- The Arboretum, Austin, Texas;
- The Shops at Arbor Walk, Austin, Texas.
- Palms Crossing, McAllen, Texas;
- Malibu Lumber Yard, Malibu, California.
Malibu Lumber Yard is expected to transfer to the joint venture later in the second quarter of 2017.