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California  + Retail  | 

Pacific Retail, Golden East Appointed to Restructure 8M-SF Starwood Mall Debt

El Segundo-based Pacific Retail Capital Partners (PRCP) and New York-based Golden East Investors (GEI) were selected by Starwood West Limited trustees to lead exclusive negotiations with senior lenders to the US subsidiaries of Starwood West Limited. An Israeli court appointed the partnership to take over seven regional malls comprising approximately eight million square feet, on behalf of holders of roughly US$250 million in bonds issued by Starwood West Limited.

Pacific Retail Capital Partners’ Steve Plenge says, “This would represent the largest shopping center transaction to date in 2020 and certainly since the start of the global pandemic.”

The agreement with Starwood West Limited mandates GEI and PRCP to exclusively negotiate on behalf of the Israeli shekel (ILS) bondholders to resolve current issues with the senior debt, stabilize the assets, maintain and create value, and position the properties for potential future sale.

The portfolio is comprised of seven regional centers in California, Indiana, Ohio and Washington, including:

  • Plaza West Covina in Covina, CA – 1.21 million square feet
  • Parkway Plaza in El Cajon, CA – 1.32 million square feet
  • Southlake Mall in Merrillville, IN – 1.36 million square feet
  • Belden Village Mall in Canton, OH – 829,000 square feet
  • Great Northern Mall in North Olmsted, OH – 1.18 million square feet
  • Franklin Park Mall in Toledo, OH – 1.31 million square feet
  • Capital Mall in Olympia, WA – 802,000 square feet

For comments, questions or concerns, please contact Dennis Kaiser

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About Dennis Kaiser

Dennis Kaiser is Vice President of Public Relations and Communications for Connect Creative. Dennis is a communications leader with more than 40 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect Creative’s agency client services and is involved in a range of initiatives ranging from public relations and content strategy, communications and message development, copywriting, media relations, social media and content marketing services. Prior to joining Connect Media in 2015, his most recent corporate communications roles involved leading a regional public relations effort across Southern California for CBRE, playing a key marketing role on JLL’s national retail team, and directing the global public relations effort at ValleyCrest (BrightView), the nation’s largest commercial landscape services company. He has worked on marketing communications assignments for such CRE companies as Blackstone/Equity Office, Carlyle, Caruso, Disney Resorts, GE Capital, Irvine Company, Hines, Howard Hughes Corp., Jeffries, Lennar, MGM, Marcus & Millichap, Prologis, Raleigh Studios, Simon, Starwood, Trammell Crow Company, Transamerica, UBS and Wynn Resorts. Dennis has also worked on communications and launch strategies for a number of consumer electronic, media and tech brands including SlingMedia, Channel Master, Deluxe Media Entertainment, BeIn Sports, EchoStar and Sprint. Dennis’s agency background included firms such as Off Madison Ave., Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, Boy Scouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and the Thunderbirds Charities.

  • ◦Financing
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