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GK Acquires Two Macerich Malls for $90M

BARRINGTON, IL-The acquisition, which totals 1.2 million sf, marks the GK Development Inc.'s debut in Greeley, CO and Great Falls, MT.

By Dana Dubriwny | Updated on August 01, 2006

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

BARRINGTON, IL-Locally based retail acquisition and development company GK Development Inc. has purchased two regional malls from the Macerich Co. for $90 million. The acquisition, which totals 1.2 million sf, marks the company’s debut in Greeley, CO and Great Falls, MT.

Garo Kholamian, president of GK Development, says the transactions fit with the company’s strategy to acquire property where it can be a leading player. “Each mall is the dominant regional mall in its trade area providing a shopping venue of choice for nearly 400,000 consumers, and we expect to retain that position,” Kholamian says.

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