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LaSalle Sells Three Malls for $109M

CHICAGO-The original developer of malls in Johnstown, PA, Centerville, GA and Rutland, VT, pays $73 per sf to buy back the retail properties from LaSalle Investment Management.

By Mark Ruda | Updated on October 03, 2004

CHICAGO-LaSalle Investment Management has sold three malls totaling nearly 1.5 million sf for $109 million back to their original developer. Johnstown, PA-based Zamais Services Inc. takes over the 538,000-sf Johnstown Galleria in Johnstown, PA; the 511,000-sf Galleria at Centerville in Centerville, GA; and 447,000-sf Diamond Run Mall in Rutland, VT.

Occupancy at the three malls was a combined 93%, with Sears, JCPenney, Boscovs, Belk Matthews and Kmart among the anchor tenants. The center in Zamais Services’ hometown is the oldest at 12 years, while the Rutland asset was developed in 1995. In between was the 1994 construction of The Galleria at Centerville.

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