Starwood Real Estate Income Trust Sells Florida Shopping Center for $3.2M Profit
Starwood Real Estate Income Trust, or SREIT, a publicly registered non-traded REIT sponsored by Starwood Capital Group, has sold a West Palm Beach, Fla., 304,000-square-foot shopping center it acquired three years ago.
The Marketplace at the Outlets, which is anchored by a Whole Foods Market and includes a Nordstrom Rack and TJ Maxx among its tenants, was purchased by Invesco for $133.2 million. SREIT, through an affiliate, acquired the shopping center from a Clarion Partners affiliate for $130 million.
Invesco also assumed the $79 million commercial mortgage-backed securities loan tied to the center, which Starwood originally took out.
The sale provides liquidity for SREIT, which relied on its credit line last year for covering investor redemptions. The company has sold $1.4 billion in assets this year and aims to sell an additional $300 million this quarter, according to its first-quarter report.
The sale also comes on the heels of the company’s recent leadership transition news; Nora Creedon will begin her tenure as chief executive officer and president of SREIT, effective July 28, 2025. Creedon’s appointment coincides with the resignation of Sean Harris.
Prior to her appointment, 46-year-old Creedon was a managing director at Goldman Sachs in the private real estate group within Asset & Wealth Management. She most recently served as the CEO and president of Goldman Sachs Real Estate Income Trust Inc., a publicly registered non-traded equity REIT. She also oversaw the real estate investments of Goldman Sachs’ Exchange Fund series, which included approximately $4 billion of core real estate. Creedon served on the Global Real Estate Investment Committee at Goldman Sachs.
Prior to her leadership role with the REIT, Creedon was the global head of REITs and infrastructure strategies within fundamental equity investing at Goldman Sachs. Creedon first joined Goldman Sachs in 2001 and rejoined the firm in 2010 after working at Fidelity Investments from 2004 to 2007 and Fortress Investment Group from 2007 to 2010. She received a bachelor’s degree in foreign service from Georgetown University.
In other performance activity, SREIT announced that its total net asset value was approximately $8.84 billion as of April 30, 2025, a decrease of approximately 0.9% from its $8.93 billion on March 31.
At the end of May, SREIT declared $0.1035 gross distributions for each class of its common stock. The distributions were payable to stockholders of record as of the close of business on May 30, and were paid in the first week of June 2025. These distributions were to be paid in cash or reinvested in shares of the company’s common stock for stockholders participating in its distribution reinvestment plan.
The REIT also stated that in April, it met about 3% of each stockholder’s repurchase request. On April 30, however, in accordance with its repurchase plan, the firm repurchased all shares from stockholders who held less than $500 in shares of its common stock and, therefore, exceeded its 0.33% monthly limitation by $13,355, as authorized by its board of directors.
As previously reported, SREIT lowered the capacity under its share repurchase plan beginning with May 2024 redemptions. It limited share repurchases to 0.33% of NAV per month (measured using the aggregate NAV attributable to stockholders as of the end of the immediately preceding month) and in July 2024, 1% of NAV per quarter.
The transaction price for each share class of SREIT common stock as of June 1, 2025, was as follows:
Class S shares had a NAV per share of $21.15, compared to $21.32 per share the previous month, an approximate 0.8% decrease.
Class T shares had a NAV per share of $21.16, compared to $21.33 per share the previous month, an approximate 0.8% decrease.
Class D shares had a NAV per share of $20.73, compared to $20.90 per share the previous month, an approximate 0.81% decrease.
Class I shares had a NAV per share of $20.97, compared to $21.14 per share the previous month, an approximate 0.8% decrease.
Starwood REIT is currently offering on a continuous basis up to $18 billion in shares of common stock, consisting of up to $16 billion in shares of its primary offering and up to $2 billion in shares pursuant to its distribution reinvestment plan. As of May 15, Starwood REIT had issued and sold more than 50.2 million shares of its common stock in the primary offering for total proceeds of approximately $1.3 billion and more than 21.4 million shares of its common stock pursuant to its distribution reinvestment plan for a total value of approximately $0.5 billion.
The number of shares outstanding totaled about 420.3 million as of April 30, compared to approximately 420.9 million the previous month.
Starwood Real Estate Income Trust launched in December 2017 and invests in stabilized real estate across the United States and Europe.
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