CHICAGO-LaSalle Investment Management has sold three malls totaling nearly 1.5 million sf for $109 million back to their original developer. Johnstown, PA-based Zamais Services Inc. takes over the 538,000-sf Johnstown Galleria in Johnstown, PA; the 511,000-sf Galleria at Centerville in Centerville, GA; and 447,000-sf Diamond Run Mall in Rutland, VT.

Occupancy at the three malls was a combined 93%, with Sears, JCPenney, Boscovs, Belk Matthews and Kmart among the anchor tenants. The center in Zamais Services’ hometown is the oldest at 12 years, while the Rutland asset was developed in 1995. In between was the 1994 construction of The Galleria at Centerville.

“All three malls are well located in strong secondary markets and represent not only a stable and underwritable investment but an opportunity to add significant value,” says Colliers Bennett & Kahnweiler Inc. SVP and director of retail Michael L. Richwine. He handled the sale for LaSalle Investment Management, Chicago-based Jones Lang LaSalle’s investment management arm.

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