WPG, O’Connor go in on seven open-air centers

Washington Prime Group and O’Connor Capital Partner announced the formation of a joint venture partnership in seven open-air retail centers. WPG will be the controlling partner with a 51% stake.



The seven properties are:



• Arbor Hills in Ann Arbor, Michigan;

• Classen Curve/Nichols Hills Plaza/The Triangle at Classen Curve in Oklahoma City;

• Gateway Center in Austin, Texas;

• Palms Crossing in McAllen, Texas;

• The Arboretum in Austin;

• The Shops at Arbor Walk in Austin; and

• Malibu Lumber Yard in Malibu.



Malibu Lumber Yard is expected to be transferred to the joint venture in the latter half of this year’s second quarter.



The centers cater to affluent customer bases with tenants the likes of Whole Foods, Crate & Barrel, DSW, Ulta, Lululemon, Nordstrom Rack, Cheesecake Factory, Anthropologie, and Trader Joe’s.



“All seven of the properties are specialty open-air centers located in key upscale markets. They provide an extremely attractive shopping and leisure experience,” said O’Connor CEO William Q. O’Connor.



This is the second joint venture between WPG (formerly WP Glimcher) and O’Connor. The first deal, consummated in 2015, involved five malls totaling 4.5 million sq. ft.

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