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WS Capital Partners Completes Acquisition of Hilldale Shopping Center
Press Release - Jun 5, 2012
(June 5, 2012; Madison, WI)--WS Capital Partners (WSCP), the institutional investment arm of WS Development, has acquired the 474,000-square-foot Hilldale Shopping Center in Madison, WI, the company announced today. Anchored by Macy's, Metcalfe's Market (a high-quality, local grocery store), Sundance Cinemas, and Target, Hilldale Shopping Center is the first property in Wisconsin for the Chestnut Hill, MA-based shopping center owner and developer. WSCP acquired the defaulted first and second mortgages earlier in the year and successfully completed the acquisition of the property yesterday.
"We are thrilled to become the owner of this irreplaceable shopping center, and to become a member of the Madison community," said Dick Marks, Partner, WS Development. "Hilldale Shopping Center has been well-supported by the community for 50 years, and we look forward to building on that support in the years to come."
Opened in October 1962, the iconic Hilldale Shopping Center was originally developed as part of the Hill Farms Neighborhood, and has been expanded and renovated several times in the decades since, most recently in 2006. In 2007, the center was selected by Academy Award-winning director Robert Redford as the home for the first Sundance Cinemas, offering a state-of-the art film-going experience. In addition to such prominent national retailers as Anthropologie, The North Face, Fleming's Steak House and L'Occitane en Provence, Hilldale Shopping Center boasts a number of best-in-class local tenants, including Morgan's Shoes, Sushi Muramoto, and Cornblooms.
The center serves the entire Madison metropolitan area, including the staff and student population of the nearby University of Wisconsin-Madison.
"Madison has a strong economy and a highly educated populace. It's the seat of government for the state and is home to one of the country's greatest public universities. All this, in addition to its significant base of health care, insurance, and agriculture makes for a promising economic environment," added Marks. "The center itself is well-situated in the market, with solid anchors, great restaurants and a healthy mixture of local and national tenants."
"The Hilldale Shopping Center acquisition is evidence of our ability to successfully complete sizable, off-market transactions with complex capital structures and property-specific issues," said Gambhir Kaushek, Managing Director, WS Capital Partners.
WS Capital Partners pursues retail-related real estate investments nationally in excess of $10 million that provide an opportunity to enhance value through redevelopment, repositioning, and complex recapitalizations.
ABOUT HILLDALE SHOPPING CENTER
An icon in Madison, WI, for 50 years, Hilldale Shopping Center combines national, regional and local retailers, restaurants, and entertainment options. Anchored by Macy's, Target, Metcalfe's Market, and the first Sundance Cinemas in the United States, the 474,000-square-foot Hilldale Shopping Center offers something for everyone across its more than 55 stores. For more information, visit hilldale.com
ABOUT WS CAPITAL PARTNERS
WS Capital Partners is the institutional investment arm of WS Development. Formed to capitalize on emerging retail-related real estate investment opportunities, WSCP oversees the sourcing, structuring, and closing of retail property investments nationwide. For more information, click here. |
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