Headlines

Old Mills Stream

Mills Corp. to buy two new properties, in Wisconsin and Minnesota

Published

19 years ago

February 2, 2005

admin1

The Mills Corp. (Arlington, Va.) has announced plans to buy two new properties — Southridge Mall (Greendale, Wis.), Wisconsin’s largest shopping center, and Southdale Center in suburban Minneapolis — for $452 million.

Both properties are being sold by a joint venture of Blackstone Real Estate Advisors (New York) and Polaris Capital Management Inc. (Boston). Blackstone bought Southridge in 2002 for $81 million, which was about 30 percent below its then-assessed value. Two years earlier, a Younkers department store on the property had closed. That building is now being renovated. Steve & Barry, Linens ‘n Things and Cost Plus World Market will lease more than 150,000 square feet, leaving another 46,000 square feet for future stores.

Southridge has 1.2 million square feet, including Boston Store, Sears, J.C. Penney and Kohl’s. The space occupied by those anchors stores is not included in Southridge’s sale because those buildings are owned separately from the mall.

The sale is expected to close in March 2005.

Southridge will be Mills’ first property in Wisconsin.

MasterClass: ‘Re-Sparkling’ Retail: Using Store Design to Build Trust, Faith and Brand Loyalty

HOW CAN WE EMPOWER and inspire senior leaders to see design as an investment for future retail growth? This session, led by retail design expert Ian Johnston from Quinine Design, explores how physical stores remain unmatched in the ability to build trust, faith, and loyalty with your customers, ultimately driving shareholder value.

Presented by:
Ian Johnston
Founder and Creative Director, Quinine Design