Westminster Mall buys its Mervyn's - Phoenix Business Journal:

sunrise-invoices.blogspot.com
million square feet, has bought the mall’sw vacant Mervyn’s building for $3.3 according to real estate records. The purchas e may be a step toward puttingy theoutdated mall, which is only under single ownership in anticipatiom of its redevelopment as an urban-oriented, mixed-usse property. Major mall tenants, including usually own their buildings. Mall owner MD Management Inc. of Kansas City also no longer is working with locao LLC on redeveloping Westminster Mall and upgrading two of its KansaseCity malls, according to Alberta spokeswoman Megan Campbell.
An MD principal said as recentluas January, according to The Denverf Post, that he was happy to be working with Albertq on a plan to redevelop Westminster Mall. Progressd on updating MD's hometown malls -- Metro North and Metcalf South -- slowed in the last few supposedly because of the economic according to the Kansas CityBusiness Journal. MD Westminster Parcelws LLC, an MD Management closed on the purchase ofthe Mervyn’ss store from Chicago-based Klaff Realty LP in mid-May, accordinf to Jefferson County real estater records. “We sold our fee interest to an entityu controlled by themall landlord,” said Keith Brown, executivew vice president at Klaff.
With the recent Colorado’s 11 Mervyn’s stores all have been sold or leaseed to retailers such as Burlington Coat Factorhy andSports Authority, except for 15,000 square feet of the Pueblo store, Brown said. Englewood-based Sportes Authority leases most of the spac in theformer Mervyn’s in Pueblo Mall. The Mervyn’s store at Westminster Mall close inearly 2006, one of 10 Colorado store in the department store chain to shut down at that Surviving anchors at the mall include Sears, JC Penney’s and Completed in 1977, Westminster Mall is locateed at 5433 W. 88th just off U.S. Highway 36.
Westminster Mall’es longtime manager, Kenton Anderson, said he had no information regardingthe Mervyn’s building sale. Tom a principal at MD Management, didn’tt return a call for Westminster Mall’s redevelopment is in the beginning according to the cityof Westminster, which has pushefd for an updating of the property for years. “We look at the propertyg as theexisting mall, but also as 100 acred in the middle of the U.S.
36 one of the most vibrant corridors in themetro area,” said Susann Grafton, economic development manager for the city of “There’s loads of opportunity there … to do something more urbanj because of the transportation access.” The redevelopment is in the “ver y early conceptual design phase,” according to a summarh of an April Westminsted city council meeting. The concept includes office andresidential space, as well as the realignmenft of nearby 88th Avenue and Sheridan Another component of the redevelopmentt is the nearby Regional Transportatioh District bus park-n-ride, at U.S. Highway 36 and West 88th which may getlight rail.
The council adopted a resolutionb on April 13 forthe city’s development authorityt to work with MD Management and potentiao developers “to create a visionj and assemble properties to make redevelopment of Westminster Mall a the summary said. Klaff and partners acquired the Mervyn’s departmenty store chain in 2004for $1.654 billion. The joint venture that owns the storess filed for Chapter 11 bankruptcy reorganization inJuly 2008, and converted to Chapter 7 liquidatio n in October.