Walker explains that LNR bought the mall, which is located at 250 Carousel Mall Way, in 2006 with plans to build a residential/retail development on the site. Walker sees the transaction as "representative of the kind of deals that will become more prevalent in 2008" because of changing market conditions.
"There are many development and redevelopment deals out there such as this one that LNR had in process for nearly two years that changed due to current market conditions," Walker says. "The buyer in this case saw the opportunity to create a new concept and was willing to take the risk to purchase the property."
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