Originally developed by Silver Cos., Central Park is considered the largest "power center" on the East Coast. It occupies a spot where I-95 and Rte.3 meet, and is home to a bevy of national retail draws including Lowes Home Center, Target and Wal-Mart Supercenter. Prior to the securing of financing, Silver Cos. sold a small portion of its ownership involving 80% of Central Park to Rappaport. That transaction leaves Silver with majority ownership, but turns over management and leasing responsibilities for the 680,000-sf section--excluding the new 400,000-sf addition--to Rappaport.
"This was a very complicated and highly structured transaction, with complex partnership issues, that had to close in a very short period of time," Ackman-Ziff director Alex Draganiuk explains to GlobeSt.com. The arrangement allows Silver to focus its attention on completing the remaining 400,000 at Central Park, and developing another project, the 1,900-acre Celebrate Virginia compound.
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