Sitt, chairman/CEO of New York-based Thor Equities and Dan O'Leary, a principal at O'Leary Partners Inc., couldn't be reached at GlobeSt.com's publication deadline. But area brokers tell GlobeSt.com both parties have confirmed a deal is near. The contract price, however, hasn't been disclosed.

Brokers tell GlobeSt.com the estimated price will be at least $60 per sf or about $42 million, based on the $21 million price ($30 per sf), the O'Leary group paid for the property in 1997. O'Leary invested several million dollars in upgrades since then, increasing sales to $300 per sf from $185 per sf, area brokers tell GlobeSt.com.

Thor Equities, a national developer of urban retail, residential and commercial projects, has built a three-million-sf portfolio in the past 18 months. "The acquisition of South DeKalb Mall would fall in line with Thor's strategy of investing-developing in specific target markets," an Atlanta retail broker tells GlobeSt.com on condition of anonymity.