At a price of just $66 per sf, the mall at 38th Street and Route 251 is the sixth regional shopping center that GK Development, Inc. has added to its portfolio in the 18 months. "This transaction fits our strategy for acquiring properties where we can be a leading player," says GK Development president Garo Kholamian, whose company got financing from KeyBank Real Estate Capital. "Peru Mall is the dominant regional mall within a 55-mile area. We expect to retain that position." In addition to a trade area with 150,000 potential customers, the area along interstates 39 and 80 has drawn interest from industrial developers, who continue to build warehouse and distribution centers.
The majority investor of L&H Real Estate Group of Chicago and Peru Mall Associates LLC was Enterprise Asset Management of New York City. George Good, Rich Frolik and Bob Mahoney of CB Richard Ellis Inc. handled negotiations for the sellers.
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