Cadillac Fairview Selling 650,000-SF North DeKalb Mall

ATLANTA-Cadillac Fairview, the 53-year-old, Toronto-based investor-developer has contracted to sell its 23-year-old, 650,000-sf North DeKalb Mall in suburban Decatur, GA to Atlanta-based Hendon Properties for an undisclosed price. The deal is expected to close by year end.

Charlie Hendon, president, Hendon Properties, couldn’t be reached at GlobeSt.com’s publication deadline to learn the contract price. But area retail brokers familiar with the property tell GlobeSt.com the price could approach $100 per sf or a total $65 million. Hendon plans to redevelop the mall, according to a published report.

For Cadillac Fairview, unloading North DeKalb Mall comes as the Canadian developer is also trying to sell the 770,000-sf Shannon Mall, another of its aging retail properties in suburban Union City, GA. Shannon Mall has been on the market since August 2001.