Sale of The Shops at Willow Bend

Deal value: $95,000,000

Sale of a 1.3 million SF regional mall in Plano, Texas, by Starwood Capital to a partnership led by Centennial Real Estate.

The core investment motivation is to reposition and redevelop an underperforming regional mall into a vibrant, mixed-use destination that better aligns with current market demand. The strategic purpose is to unlock value from a large, well-located but struggling retail asset by introducing new uses such as apartments, a hotel, and enhanced entertainment and dining, capitalizing on demographic growth and evolving consumer preferences in Plano, Texas. The timing is driven by persistent vacancy, declining tenant mix, and the need to restore tax revenue and community relevance.