(Save the date: RealShare Chicago comes to the Union League Club of Chicago October 23.)

CHICAGO-Starwood Capital Group, based in Greenwich, CT, has closed its $1.1 billion purchase of seven US shopping centers from Sydney-based Westfield Group. Starwood, which has formed the locally based Starwood Retail Partners here to begin the company’s push into store ownership, has hired CBL & Associates Properties Inc. to manage most of the properties.

Scott Wolstein, former executive chairman for Cleveland-based DDR, has been named CEO of Starwood Retail. Wolstein resigned from DDR, founded by his father in 1965, in the first quarter of 2011 following poor financial performance by the firm. He will remain based in Cleveland.

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