News
KIMCO & GGP GO IN HALFSIES
November 15, 2011
| The two shopping center REITs in our headline may plan to go Dutchon a seafood dinner, but that's not what this article is about. Kimco bought a 50% interest in GGP's 1M SF Owings Mills Mall, and the JV will redevelop the 25-year-old property with an open-air flair. |
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| It's an unexpected move for Kimco, which had announced its intention to return to its core of community shopping centers (formerly known as strip malls, back when neon colors were acceptable school wear). But Kimco CEO Dave Henry knows a big fish when he sees one. In fact, he caught this bad boy, a rare muskie, on a recent fishing trip to Ontario's Lake of the Woods. How big was it? "Big," he says. |
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| Dave tells us the mall will become a power/lifestyle center and the immediate area has good demographics (4,000 work in office space on the property, and 40,000 within three miles, according to General Growth's website), as well as growth potential. Macy?s and JCPenney anchor the two-story property now. |
