TRAVERSE CITY, MI-Trigild, based in San Diego, has been hired to manage and eventually sell the 590,000-square-foot Grand Traverse Mall here. The property is about 80% occupied, and has almost 100 stores, including Macy’s, JCPenney, Target and TJ Maxx.
The mall was transferred to lenders by former owner General Growth Properties this year, after the Chicago-based REIT emerged from bankruptcy and pushed a plan to divest certain properties. GE Commercial Mortgage Corp. held the $85 million note on the property as of this year. GGP no longer includes the mall as part of its holdings.
Josh Hall with Trigild tells GlobeSt.com that his firm has been hired to find a buyer. “Property in Michigan is just not doing as well as people would like, so we’re trying to find someone who can buy this and reposition it,” Hall says.
The mall, opened in 1992, is one of the largest shopping centers in northern Michigan, in a resoundingly tourist area. Hall says there’s nothing wrong with the physical property, but that the distress on the property was more on the financing side. When owned by GGP, the mall was reportedly not covering its debt, and was worth only about $74 million in early 2009.
Hall said there’s no deadline to sell the mall, and it will stay open and operate as usual. Trigild has hired Dallas-based Trademark Properties to handle property management at the site.
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