O’Connor Capital Partners, a New York-based firm, and Washington Prime Group, Inc. have entered into a joint venture for the ownership of seven open-air retail centers.
The retail portfolio totals two million square feet and is valued at approximately $600 million.
O’Connor acquired a 49 percent stake. Washington Prime retains a 51 percent interest and will continue to lease and manage the properties.
The centers are well leased with tenants including Whole Foods, Crate & Barrel, DSW, Ulta, Lululemon, Nordstrom Rack, Cheesecake Factory, Anthropologie and Trader Joe’s.
“We are extremely pleased to be partnering with Washington Prime on this highly desirable retail portfolio. All seven of the properties are specialty open-air centers located in key upscale markets. With restaurants, movies and other amenities, they provide an extremely attractive shopping and leisure experience,” said William Q. O’Connor, CEO of O’Connor Capital Partners.
“The transaction for these destination retail centers marks our second joint venture with O’Connor Capital. We look forward to continuing what has been a very productive partnership,” said Lou Conforti, CEO of Washington Prime.
In 2015, O’Connor and Washington Prime completed their first joint venture involving the ownership and operation of five malls. These properties, at acquisition, were valued at a $1.625 billion.
