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Stoltz Management Inc., a Delaware-based property management company, has paid Virginia-based Mills Corp. (NYSE:MLS) $40 million or about $200 per sf for a package of 10 retail centers averaging 200,000 sf each. Gwinnett Marketfair of Atlanta is part of the package.

Mills is selling off its smaller community shopping centers to focus on large-scale mall developments such as the 230-acre, 1.3 million-sf Discover Mills currently under development in north Gwinnett County. The developer’s large mall projects are 1.5 million sf and 2 million sf. Rental rates in the larger malls are $18 per sf to $26 per sf.

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