What’s it worth? Depends who’s asking
Inflated commercial valuations are increasingly distorting markets and hurting investors, as appraisers are under pressure to come up with favorable numbers
Feb 1 - The Real Deal
Starwood Capital Group made a big bet on the U.S. retail market in November 2013. Barry Sternlicht’s private equity firm bought a 90 percent stake in seven malls from Westfield Group for $1.6 billion through an affiliated company.
Located in towns like Toledo, Ohio, and Olympia, Washington, the malls were filled with national brands and boasted an average occupancy rate of 96 percent — the kind of properties considered a very safe bet at the time.
But the retail market...
Located in towns like Toledo, Ohio, and Olympia, Washington, the malls were filled with national brands and boasted an average occupancy rate of 96 percent — the kind of properties considered a very safe bet at the time.
But the retail market...
