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Starwood Property Trust sells NY shopping center to foreign investor for $92M

Starwood Property Trust Inc.'s unit Servicers LNR Partners and C-III Asset Management sold The Mall at the Source and the adjacent Fortunoff building for $92 million to an unidentified foreign buyer, CP Executive reported.

The Mall at the Source is a 512,500-square-foot open-air shopping center at 1504 Old Country Rd. in Westbury, N.Y., attached to the Fortunoff building, which comprises 210,800 square feet of vacant retail space.

The 38-acre property features a 2,800 space parking facility, with surface parking for more than 1,000 vehicles, the publication noted.

The Fortunoff building was acquired in lieu of foreclosure through a deed, while the open-air shopping center came unencumbered.