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Insignia Picks Up Fiscal Management for 2.5M-SF Mall Portfolio

NEW YORK CITY-The accounting duties for five geographically diverse retail properties recently acquired by Miami-based BayView Financial Trading Group in a $100 million-plus deal have been awarded to Insignia's Mall Group.

By Glen Thompson | Updated on January 31, 2003

NEW YORK CITY-The Mall Group at Insignia/ESG has taken over fiscal management duties at five retail centers totaling 2.5 million sf of leasable space, bringing its mall portfolio to 10.2 million feet. The properties, recently purchased by Miami-based BayView Financial Trading Group, are located in Illinois, Florida, Indiana, Wisconsin and Indiana.

The assets were acquired by BayView over the last six months, three from Simon Properties Group and one each from John Hancock Mutual Life Insurance Co. and Bank of America’s REO division. The total price tag on the transactions exceeded $100 million.

I/ESG Mall Group executive director Steve Huber, who was recruited by Insignia to grow its third party mall business, tells GlobeSt.com that the biggest hurdle to clear when taking over the books on such a large portfolio–particularly a newly acquired asset group–lies in assembling a vast amount of information quickly and efficiently.

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