(Read more on the debt and equitymarkets.)
KATY, TX-Local developer Simpkins Group has acquired 213 acressurrounding the 1.3-million-sf Katy Mills Mall from Mills Corp. inChevy Chase, MD. The new owner, securing a $22.56-million loan tobuy the land, plans to carve it into pad sites and flip them.
Weir Goodwin, senior director of investments for Chicago-basedWrightwood Capital Corp., which provided the financing, says theland at Interstate 10 and Katy Fort Bend Road has itsinfrastructure in place. He tells GlobeSt.com that Mills installedutilities for future development, but the land lay dormant.Simpkins' plan is to sell 68 acres on the south side of Interstate10 for an undetermined development use, with the remaining 145acres to be sold for a mix of commercial and retail uses.
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