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UPDATE: $31M Laurel Mall Sale Closes

LAUREL, MD-The acquisition of Laurel Mall officially closes. Somera Capital Management partners with AEW Capital Management in a joint venture to buy the three-story enclosed retail property out of a receivership.

By Barbra Murray | Updated on February 13, 2006

(For more retail coverage, click GlobeSt.com/RETAIL.)

LAUREL, MD-The 665,000-sf Laurel Mall has come under new ownership now that its $31-million acquisition deal has closed. Santa Barbara, CA-based Somera Capital Management LLC purchased the distressed property with joint venture partner AEW Capital Management out of a receivership from Greg Malone of the retail division of real estate investment management firm Jones Lang LaSalle, who acquired receivership one year ago.

Somera and AEW–who relied on Morgan Stanley Mortgage Capital for acquisition financing–acted on behalf of Somera Realty Value Fund and AEW Partners V LP, respectively. Mike Dillon, a mall specialist in Marcus & Millichap’s Chicago office, in conjunction with the Washington, DC, office, represented the receiver, Greg Maloney, president of Jones Lang LaSalle . The receiver and Dillon represented the underlying lenders, Bank of America, Sun Trust, Peoples Bank and Comerica Bank. Dillon also secured the buyer.

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