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Published: Monday, 9/16/2013

Westfield Franklin Park mall being sold

Private equity firm Starwood Capital Group purchases Toledo shopping-scape as part of a $1.64 billion, seven-mall package.


Toledo's Westfield Franklin Park mall is being sold.

The mall, owned by Australia’s Westfield Group for 11 years, has been sold to private equity firm Starwood Capital Group as part of a $1.64 billion, seven-mall package.

The sale was announced today by Westfield officials in Los Angeles.

Westfield’s other two Ohio properties -- one in Canton and one in suburban Cleveland -- are part of the deal.

Westfield said it expects the deal to close before year's end.

Starwood Capital, which is based in Connecticut, had no comment regarding the transaction, spokesman Tom Johnson said.

Franklin Park has 1.2 million square feet. It was opened in 1971.

Westfield acquired then-Franklin Park Mall in January, 2002, from the original owner/developer, the Rouse Co., of Baltimore, in a $5.3 billion deal that involved 35 malls changing hands.

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