Westfield Franklin Park mall to be sold in $1.64 billion deal

A drill takes place outside Westfield Franklin Park Mall.

Toledo's only indoor mall is being sold for the second time in nearly a dozen years.

Australia's Westfield Group will sell seven US properties, including Westfield Franklin Park mall, to the private equity firm Starwood Capital Group as part of a $1.64 billion deal.

The sale of the 1.26 million square foot west Toledo mall is expected to close prior to 2014.

Westfield is making moves to shed its non-core properties in order to focus on better performing malls.

Franklin Park mall opened in 1971 after being developed by original owner, the Rouse Co. of Baltimore. The company sold the mall to Westfield group in 2002 as part of a $5.3 billion deal that included dozens of other properties.