DALLAS--Dallas-based Centennial Real Estate Co., Montgomery Street Partners, the real estate investment affiliate of Blum Capital Partners and USAA Real Estate Co., closed on a $1.1 billion acquisition of five regional malls from Westfield Corp.

Centennial will be the managing company responsible for the daily operations of each of the centers. MSP and USAA Real Estate Co. will be financial partners, and Westfield will maintain a minority equity interest. The existing on-site management teams will continue to operate the properties under Centennial's direction.

The portfolio features more than six million square feet of retail space across four states. With an average occupancy of more than 97%, the properties are Connecticut Post Mall in Milford, CT; MainPlace Mall in Santa Ana, CA; Hawthorn Mall in Vernon Hills, IL; Fox Valley Mall in Aurora, IL; and Vancouver Mall in Vancouver, WA.