Starwood Capital Group is buying the Westfield Louis Joliet Mall in Joilet and the Westfield Chicago Ridge Mall in Chicago Ridge as part of a seven-property acquisition from the Westfield Group, the Australian shopping center owner.
Westfield said Wednesday that the Greenwich, Conn.-based private-equity firm has agreed to buy 90 percent stakes in the seven properties, including the 971,025-square-foot Joilet mall and 838,608-square-foot Chicago Ridge mall. Westfield will retain a 10 percent stake in the properties and continue to manage them.
