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1M-SF Town & Country Mall Sells

HOUSTON-The new owner, Midway Cos., is planning a mixed-use redevelopment now that the off-market sale's been closed. The remaining tenants, save for Neiman Marcus, have 60 days to move.

By Jennifer Brenner Andrade | Updated on June 04, 2004

HOUSTON-In an off-market deal, the one-million-sf Town & Country Mall has been sold to locally based Midway Cos., which has jumped into a full-scale review of the development opportunities. The remaining tenants, except anchor Neiman Marcus, have 60 days to vacate.

Mark Anawaty, executive vice president of Midway Holdings Inc. tells GlobeSt.com that it’s a land deal, with the 35 acres now being primed for a mixed-use, lifestyle development for the Memorial Drive area of Houston.” The concept will include retail, residential and restaurant uses.

Midway bought the West Houston asset from Yazd Corp., led by Bob Yazdani of Houston. The price is being closely guarded, but it sold two years to Yazdani for $5 million.

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