The owners of The Shops at Highland Village announced Wednesday that the mall has been sold to a New York-based private equity firm.
Regency Centers Corp sold the mall along with 14 others around the country for $321 million to an affiliate of Blackstone Real Estate Partners VII, the largest real estate private equity firm in the world with $48 billion of assets under management.
The Shops at Highland Village opened in September 2007 and consists of 345,000 square feet of retail and 30,000 square feet of office space.
“The sale of these non-strategic assets is consistent with the stated objective for our capital recycling program this year, which is to be a net seller and to reinvest the proceeds into dominant, grocery-anchored shopping centers located in target markets with excellent prospects for growth and to reduce leverage,” said Hap Stein, Regency’s Chairman and CEO.
Closing of the transaction is expected to occur on July 25, 2012. No major changes are expected to take place at the mall.
The company’s only other Texas mall that was sold is Preston Park Village in Plano.