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Wilmorite Exploring Sale

ROCHESTER, NY-The owner of 15 malls in eight states says one alternative is a merger with another real estate company.

By Brian Miller | Updated on November 01, 2004

ROCHESTER, NY-Wilmorite Properties is exploring its “strategic alternatives,” including merging with another real estate company. The private, locally based owner and manager of 15 shopping malls totaling 15 million sf says it expects to complete the contemplation process by the end of the year.

“The regional mall business is a mature industry that has undergone significant consolidation in the last few years,” says company president John Anderson in a prepared statement. “It is important to remain competitive and provide the best shopping environment for our customers. We are exploring our strategic options and how we can best take advantage of and maintain Wilmorite’s strong presence in our markets and industry.”

Beyond that, the company isn’t commenting. Industry analyst Mathew Ostrower of Morgan Stanley tells GlobeSt.com he expects all of the major US mall REITS will seriously consider the opportunity. One question they’ll all want an answer to: Can Wilmorite assure that its crown jewel–Tyson’s Corner Center in McLean, VA–would be part of any deal?

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