Wednesday, March 12 2014 3:52 AM EDT2014-03-12 07:52:07 GMT
Albany Police want you to be extra cautious if you hit the road early in the morning.After the switch to daylight saving time over the weekend, it's now still dark as many students get on school busesMore >>
Albany Police want you to be extra cautious if you hit the road early in the morning.More >>
Tuesday, March 11 2014 11:34 PM EDT2014-03-12 03:34:58 GMT
Animal rights activists are mobilizing to fight a bill they say would legalize animal abuse. Right now, it's illegal to capture wild animals without a permit in Georgia, but House Bill 423 would let huntersMore >>
Animal rights activists are mobilizing to fight a bill they say would legalize animal abuse.More >>
Tuesday, March 11 2014 11:31 PM EDT2014-03-12 03:31:58 GMT
An Albany family is asking for help to pay for the funeral of a teenager who drowned Sunday. The funeral for 13 year-old Brady Brown is set for later this week, but the family needs help with the expensesMore >>
An Albany family is asking for help to pay for the funeral of a teenager who drowned Sunday.More >>
Tuesday, March 11 2014 11:26 PM EDT2014-03-12 03:26:56 GMT
The Dougherty County School Board has not named any finalists for the superintendent's job, but members are interviewing candidates.They conducted their first in-person interview this evening behind closedMore >>
The Dougherty County School Board has not named any finalists for the superintendent's job, but members are interviewing candidates.More >>
Tuesday, March 11 2014 11:21 PM EDT2014-03-12 03:21:50 GMT
Work is about to restart on a delayed road project that Lee County leaders hope will lead to new development. Tuesday night Lee County Commissioners approved a solution. There's a holding pond on propertyMore >>
Work is about to restart on a delayed road project that Lee County leaders hope will lead to new development.More >>
We share the Restaurant Ratings Report with you each week to keep you and your family safe, not to make you lose your appetite. Keep that in mind with these latest findings.More >>
TOLEDO, OH (Toledo News Now) -
The Westfield Group announced Monday that it has agreed to sell seven shopping centers nationwide to Starwood Capital Group for $1.64 billion, including Toledo's Franklin Park Mall.
Westfield Group Co-CEO Peter Lowy says the new direction will position Westfield Group to generate more value for shareholders.
"We are focused on redeploying our capital into superior retail destinations in major cities through divesting non-core assets and introducing joint venture partners into our high quality portfolio of assets," said Lowy.
The non-core assets involved in this transaction total $7,913,457.
-Belden Village in Canton, OH for $826,140
-Capital in Olympia, WA for $779,268
-Franklin Park in Toledo, OH for $1,261,954
-Great Northern in North Olmsted, OH for 1,184,733
-Parkway in El Cajon, CA for $1,319,739
-Southlake in Merrillville, IN for 1,361,168
-West Covina in West Covina, CA for $1,180,455
Starwood will own and manage the majority interest in the centers with Westfield retaining a 10 percent common equity interest.
The transactions' value of $1.64 billion is $120 million below the book value of the assets at the end of December 2012, and in line with the book values at the end of June 2013.
After the transactions expected closure in the 4th Quarter of 2013, Westfield Group will own and operate a portfolio of 40 centers in the U.S.