PORTLAND-A rumor is about that the 1.2-million-sf Clackamas Towne Center shopping mall is being sold and the malls owner, the Illinois Teachers Retirement System, is making only ambiguous statements.
The region's major daily newspaper this week printed an article that said rumors have been circulating for three weeks that the regional mall is being sold. When GlobeSt.com posed the question to John Day, the retirement system's executive director, he asked for a few minutes, called back and had this to say:
“Generally speaking, we have a policy to decline comment on any type of asset acquisition or sale; we believe comment has market impact and we like to avoid that. But I will tell you we are not marketing the property.”
Does that mean they have a buyer in hand and therefore no need to market the property? Or does it mean they have no want to sell the property at this time? Albeit cordially, Day declined to answer follow-up questions.
The 20-year-old, two-level mall was constructed at a cost of $120 million. Another $15 million was spent to upgrade the property in 1994. The mall's General Manager Paul DeMarco declined comment on the rumor when contacted by the Oregonian, but he did say the mall's non-anchor space is 95% occupied.
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