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GK Makes $120M Debut in Eastern Iowa

BARRINGTON, IL-The local owner and redeveloper acquires four regional malls totaling 1.6 million sf from Chicago-based L&H Real Estate Group. GK Development, Inc. now controls 3.4 million sf in five states.

By Mark Ruda | Updated on January 12, 2005

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BARRINGTON, IL-GK Development, Inc. is moving into Iowa, buying four shopping malls totaling 1.6 million sf from Chicago-based L&H Real Estate Group for $120 million. The company now owns, manages and leases 3.4 million sf in five states.

“This transaction fits our strategy for acquiring properties where we can be a leading player,” says GK Development president Garo Kholamian. “Each mall is the dominant regional mall in its trade area providing a shopping venue of choice for nearly 665,000 consumers. We expect to retain that position.”

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