Charlie Hendon, president, Hendon Properties, couldn't be reached at GlobeSt.com's publication deadline to learn the contract price. But area retail brokers familiar with the property tell GlobeSt.com the price could approach $100 per sf or a total $65 million. Hendon plans to redevelop the mall, according to a published report.
For Cadillac Fairview, unloading North DeKalb Mall comes as the Canadian developer is also trying to sell the 770,000-sf Shannon Mall, another of its aging retail properties in suburban Union City, GA. Shannon Mall has been on the market since August 2001.
Jointly developed by Cadillac Fairview and the late Scott Hudgens of Atlanta, Shannon Mall was supposed to have been the Mall of Malls for south metro Atlanta residents when the property opened in fall 1980, according to area brokers.
At a development cost of $15 million, the center was constructed for about $20 per sf, about five times less than current hard construction costs for comparable retail regional mall sites, construction industry estimators tell GlobeSt.com. General Growth Properties of Chicago manages Shannon Mall.
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