Monday, April 23, 2012

Metro Center Mall Disposition Press Release

MetroCenter Mall
VIZZDA--January 12, 2012 -- Douglas P. Wilson, court-appointed receiver for MetroCenter Mall, has sold 727,815 SF of that property—including a 12-screen movie theater but excluding all anchor tenants—for $12.2M or $16.76/SF. 

The acquiring entity, Carlyle ER Metro LLC, is a Special Investment Vehicle owned by Carlyle Development Group, a New York City development company specializing in regional malls, regional and community shopping centers and multifamily development. 

The property was previously acquired by a joint venture between Macerich REIT & AEW Capital January on 12th, 2005 for $155,900,021 or $214.20/SF. This sale price represents a 92% total decrease in value from the prior sale, or a 15.3% annualized loss.

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