The buyers are a joint venture between Western DevelopmentCo.--which originally developed the mall 25 years ago--and CapmarkFinance Inc. A redevelopment and at least partial re-tenantingstrategy appeared, at the time, to be among the buyers' favoredoptions to add value to their new acquisition. Herbert Miller,chairman of Western Development, said there were plans to expandthe mall with an upscale retail tenant.
"We are extremely pleased to have General Growth Propertiesassisting us in the management, leasing and marketing functionsduring the center's redevelopment," Miller says in a statement.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
