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1M-SF Super-Regional Center Fetches $180M

CINCINNATI-Thor Equities of New York City acquires the Tri-County Mall here from a joint venture of the Blackstone Group and Polaris Capital.

By Brian K. Miller | Updated on February 10, 2005

CINCINNATI-The 1.3-million-sf Tri-County Mall here has changed hands for $180 million. Thor Equities of New York City acquired the super-regional center from a joint venture of the Blackstone Group and Polaris Capital. Opened in 1960, the mall is the second largest center in the region.Located at 11700 Princeton Pike in the city’s northern suburbs, the 90%-leased mall is anchored by Macy’s, Dillard’s, Sears and JCPenney. The property reportedly produces in-line sales of approximately $380 per sf and $250 million in total annual sales, but has close competition from the recently renovated Cincinnati Mills, a 1.5-million-sf mall four miles down the road. The privately held real estate firm Granite Partners LLC of New York handled the disposition. Granite managing director Gerry Mason says JCPenney plans to vacate its store there at the end of the year. The departure will enable Thor to add additional lifestyle tenants, restaurants, or another department store, he says. As well, Mason says Thor Equities plans to invest $15 million toward improvements at the mall.Thor, founded in 1986 by Joseph Sitt, develops, owns and manages mixed-use properties in heavily populated urban markets. It owns about four million sf in New York, Chicago, Detroit, New Orleans, Atlanta, Philadelphia and Norfolk, VA. Tri-County would be the largest mall in the firm’s portfolio. Sitt was not immediately available Thursday morning for comment.In addition to Tri-County Mall, Blackstone and Polaris sold this week a 600,000-sf mall in Minot, ND to the Lightstone Group of Lakewood, NJ for $55 million. (For that story, click here. ).

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