Anchor tenants include Nordstrom, Hecht's and Sears, and 173 specialty stores. Westfield America reports the super regional mall had total sales for 2000 of about $395 million, with specialty store sales of $484 per sf. The mall is currently in the middle of a $19 million redevelopment, which includes moving the Hecht's Home Store to the second level of a former JC Penney space, and converting the first floor into an Old Navy store plus several other specialty shops.
This isn't the first joint venture between Westfield and J.P. Morgan Fleming. In June 1999, J.P. Morgan Fleming purchased 50% interest in the Westfield Shoppingtown Valley Fair in San Jose, CA and UTC in La Jolla, CA, according to Westfield American CEO Peter Lowy.
"We are excited about the opportunity to invest in a premier shopping center on the East Coast and continue our relationship with a first-class regional mall operator," says J.P. Morgan Fleming vice president Justin Murphy. "We believe that this transaction will provide our investors with attractive long-term returns and represents a continuing expansion of our national retail investment program."
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