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GK Buys Two Macerich Malls

BARRINGTON, IL-The $90-million acquisition, which totals 1.2 million sf, marks the GK Development debut in Greeley, CO and Great Falls, MT.

By Dana Dubriwny | Updated on August 02, 2006

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.

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.

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