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EAU CLAIRE, WI-Lehman Brothers and Pacific Coast Capital Partners have paid $8 million to buy the London Square Mall and are pursuing plans to transform it into a business park. The 535,000 sf mall will be transformed gradually as new tenants move into it.

However, the owners are spending about $6 million on capital improvements that include painting the exterior of the building, installing a new sign in front of the building and a landscaping program planned to start in spring 2002. The management is also looking torenovate three separate entrances into the facility.

The property owners, Lehman Brothers Holdings of New York and Pacific Coast Capital Partners of California, bought the building out of bankruptcy in 2000. The London Square Mall was the first mall in Eau Claire, and was once anchored by Sears and Younker’s, which will be the last tenant to vacate in spring 2002. A cinema is located on mall property but is not attached to the mall and will remain.

The new owners have assembled a leasing, management and engineering team to continue development efforts.

Michael Welton, consultant for the owners, manages the project redevelopment. Eau Claire-based Acquisition Realty & Development has an on-site leasing office atthe London Square Business Center and Dean C. Larsen and Kim Larsen of the firm will lead leasing efforts.

Milwaukee-based Polacheck Property Management Corp. will provide on-site property management services. Cedar Corp. of Menomonee, WI, is working with the London Square Business Center and its tenants to design and build custom spaces.

United Health Group, London Square Business Center’s first tenant, leases 89,000 sf of the center. Negotiations continue with several other national credit tenants.

Welton says the property is well located near the city center, major highways and thoroughfares and local area shops, theaters and restaurants.

London Square Business Center is offering space that starts at 10,000 sf. The center offers such benefits such as flexible space, fast build-outs, a planned cafeteria and childcare and ample parking.

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