Chattanooga-based CBL & Associates Properties Inc. has agreed to temporarily manage malls being acquired by Starwood Retail Partners, according to Reuters.
Also, Starwood Capital Group, which is creating the new retail business to be based in Chicago, said Monday it hired Scott Wolstein, the former head of big-box mall owner Developers Diversified, now called DDR Corp., to be chief executive officer of its new company that will operate at least seven malls.
Starwood has hired CBL to temporarily manage the properties, including their accounting, maintenance and security, but not leasing, two sources familiar with the matter said. Starwood and CBL representatives declined to comment.