Young Park, president of Berkeley Investments, tells GlobeSt.com that his firm's bid for the property has just been designated by Hartford, CT-based Cigna as the winning bid. The mall owners did not set an asking price and Park says that financial details of the deal are not being disclosed now. According to published reports, the agreement reached was between $30 million and $40 million.

Park says that his firm plans to redevelop the site. The property, which consists of 22 acres, involves a 750,000-sf mall. Park says that the current occupancy rate is low and, he adds, "getting lower." Park also notes that Berkeley is looking to build a Downtown mixed-use project that would include residential condominiums, retail space, medical offices and a senior housing project. "It won't remain as a mall," he says. "This is a very exciting opportunity."

The due diligence is scheduled to be completed by mid April and the closing will be 30 days afterward.