PORTLAND-A rumor is about that the 1.2-million-sf ClackamasTowne Center shopping mall is being sold and the malls owner, theIllinois Teachers Retirement System, is making only ambiguousstatements.

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The region's major daily newspaper this week printed an articlethat said rumors have been circulating for three weeks that theregional mall is being sold. When GlobeSt.com posed the question toJohn Day, the retirement system's executive director, he asked fora few minutes, called back and had this to say:

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“Generally speaking, we have a policy to decline comment on anytype of asset acquisition or sale; we believe comment has marketimpact and we like to avoid that. But I will tell you we are notmarketing the property.”

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Does that mean they have a buyer in hand and therefore no needto market the property? Or does it mean they have no want to sellthe property at this time? Albeit cordially, Day declined to answerfollow-up questions.

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The 20-year-old, two-level mall was constructed at a cost of$120 million. Another $15 million was spent to upgrade the propertyin 1994. The mall's General Manager Paul DeMarco declined commenton the rumor when contacted by the Oregonian, but he did say themall's non-anchor space is 95% occupied.

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