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Mills Pays $452M for Southdale, Southridge

EDINA, MN-The Arlington, VA-based REIT buys two regional malls totaling 2.5 million sf, which it bought from a joint venture comprised of Blackstone Real Estate Advisors affiliates and Polaris Capital.

By Jim McCartney | Updated on February 01, 2005

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EDINA, MN-Southdale, the first enclosed shopping mall in the US, has been sold to Mills Corp., an Arlington, VA-based REIT known as a redeveloper. The $452-million deal, which includes Southridge Mall in suburban Milwaukee, was sold by a joint venture that includes Blackstone Real Estate Advisors affiliates and Polaris Capital.

“We believe these strong performing, market-dominant properties present us with attractive redevelopment and remerchandising opportunities that will result in higher sales productivity for our tenants and enhanced investment returns,” says Laurence Siegel, chairman and chief executive officer of Mills. “The former Mervyn’s store at Southdale provides a range of opportunities including the potential for a new fashion department store with additional small shop [space].”

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