Walker explains that LNR bought the mall, which is located at250 Carousel Mall Way, in 2006 with plans to build aresidential/retail development on the site. Walker sees thetransaction as "representative of the kind of deals that willbecome more prevalent in 2008" because of changing marketconditions.
"There are many development and redevelopment deals out theresuch as this one that LNR had in process for nearly two years thatchanged due to current market conditions," Walker says. "The buyerin this case saw the opportunity to create a new concept and waswilling to take the risk to purchase the property."
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