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.

Included in the transaction was Greeley Mall, a 577,200-sf mall, with four anchor stores, a 12-screen theater and 58 specialty stores. Major tenants are Dillard's, Dillard's Market Center, Cinemark Theater, J.C. Penney and Sears. The property is located on US Hwy 34 at 23rd Avenue, one mile west of US Hwy 85.

The company also acquired Holiday Village, a 579,200-sf regional shopping center with three department stores and 37 specialty stores in a split-level facility. The property is located at 1200 10th Ave. South. Major tenants are Herberger's, J.C. Penney and Sears. On the mall's north side, long-time mall tenant Scheels Sports is constructing a new 50,000-sf store that is expected to open in the first quarter of 2007. An adjacent open-air component houses an Osco Drugs, the current Scheels store and a new Ross Dress for Less, currently under construction. The 30,000-sf store is expected to open in the first quarter of 2007.