Plano’s Shops at Willow Bend part of seven mall sale

PLANO – The 1.38 million-sf Shops at Willow Bend mall is being sold in a portfolio buy to investor Starwood Capital Group.

Starwood Retail Partners will pay $785 million cash and assume or repay $620 million of debt in the deal expected to close in fourth quarter.

Major tenants include Neiman Marcus, Dillard’s, Macy’s and Crate & Barrel.

The Plano mall is one of seven shopping centers around the country that Starwood is acquiring from Michigan-based Taubman Centers Inc.