Arlington,Va.-based The Mills Corp. announced the sale of its 11 community centers, totaling 2.2 million sq. ft., to affiliates of Delaware-based Stoltz Management. The sale will close in two phases. Phase one closed last July and included the sale of 10 centers (listed below) for approximately $141 million and netted close to $25.5 million in proceeds. A portion of the proceeds, $9 million, will be temporarily invested in a collection of single-tenant, A-rated credit net leases. Eventually this equity will be put intoprojects. Phase two involves the sale of Liberty Plaza in Philadelphia. The center is expected to sell for approximately $28.2 million and will net roughly $14.5 million.
Debra Feldman, director of communications for Mills, says the company sold the centers because they want to take a step away from the older, smaller centers and concentrate on their "mega-malls" which generate more money.
The community centers involved include: Butterfield Plaza, 114,610 sq. ft., Downers Grove, Ill.; Cooper's Plaza, 173,509 sq. ft., Vorhees, N.J.; Crosswinds Center, 144,273 sq. ft., St. Petersburg, Fla.; Fashion Place, 147,950 sq. ft., Columbia, S.C.; Germantown Commons, 177,097 sq. ft., Germantown, Md.; Gwinnett Marketfair, 194,503 sq. ft., Duluth, Ga.; Montgomery Village, 117,391 sq. ft., Gaithersburg, Md.; Mount Prospect Plaza, 298,600 sq. ft., Mount Prospect, Ill.; West Falls Church, 87,824 sq. ft., Falls Church, Va.; and Western Hills Plaza, 449,496 sq. ft., Cincinnati, Ohio.