The buyers are a joint venture between Western Development Co.--which originally developed the mall 25 years ago--and Capmark Finance Inc. A redevelopment and at least partial re-tenanting strategy appeared, at the time, to be among the buyers' favored options to add value to their new acquisition. Herbert Miller, chairman of Western Development, said there were plans to expand the mall with an upscale retail tenant.
"We are extremely pleased to have General Growth Properties assisting us in the management, leasing and marketing functions during the center's redevelopment," Miller says in a statement.
Major tenants of Georgetown Park include Ann Taylor, Anthropologie, Express, H&M Intermix, J Crew, the Sharper Image, Sisley's, Talbot's and Victoria's Secret.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
