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Westfield Chicago Ridge mall sold

Westfield Group announced Wednesday April 18 thChicago Ridge Mall seven other shopping centers have been sold for $1.5 billion.
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Westfield Group announced on Wednesday, April 18 that Chicago Ridge Mall and seven other shopping centers have been sold for $1.5 billion. File photo | Sun-Times Media

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Updated: May 21, 2012 8:37AM



JOLIET — Westfield Chicago Ridge mall has been sold.

Westfield Group announced that Chicago Ridge and seven other shopping centers have been sold for $1.5 billion. Starwood Capital Group will hold the majority interest in seven of the centers while the eighth, Eastland, is being sold in a separate transaction. Among the centers being sold is one in Joliet.

The deal is expected to close sometime this quarter.

In a statement, Westfield Co-CEO Peter Lowry said the proceeds would be used to pay down corporate debt.

Starwood Capital Group will hold the majority interest in seven of the centers while the eighth, Eastland in West Covina, Calif., is being sold in a separate transaction.



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