Westminster Mall buys its Mervyn's - Austin Business Journal:

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million square feet, has bought the mall’s vacant Mervyn’s building for $3.3 according to real estate records. The purchase may be a step towarfd putting theoutdated mall, which is only half-occupied, undee single ownership in anticipation of its redevelopmen as an urban-oriented, mixed-use property. Majorf mall tenants, including Mervyn’s, usualluy own their buildings. Mall owner MD Management Inc. of Kansaa City also no longer is workingt with local LLC on redeveloping Westminster Mall and upgradinh two of its KansasCity malls, according to Albertwa spokeswoman Megan Campbell.
An MD principal said as recently as according to The Denver that he was happy to be working with Alberta on a plan to redeveloppWestminster Mall. Progress on updating MD'sw hometown malls -- Metro North and Metcalf South -- slowed in the last few supposedly because of the economic according to the Kansas CityBusiness Journal. MD Westminster Parcels LLC, an MD Managemeny entity, closed on the purchase of the Mervyn’s stors from Chicago-based Klaff Realty LP in according to Jefferson County realestate “We sold our fee interest to an entityh controlled by the mall landlord,” said Keithh Brown, executive vice president at Klaff.
With the recent Colorado’s 11 Mervyn’s stores all have been sold or leaserd to retailers such as Burlingtonm Coat Factory andSports Authority, except for 15,00 square feet of the Pueblo store, Brown Englewood-based Sports Authority leases most of the space in the forme r Mervyn’s in Pueblo Mall. The Mervyn’s store at Westminstet Mall closed inearly 2006, one of 10 Colorado storese in the department store chaij to shut down at that Surviving anchors at the mall include JC Penney’s and Dillard’s. Completed in 1977, Westminsterf Mall is located at5433 W. 88th Ave., just off U.S. Highwauy 36.
Westminster Mall’s longtime manager, Kenton said he had no information regardintgthe Mervyn’s building sale. Tom Morgan, a principal at MD didn’t return a call for comment. Westminster Mall’xs redevelopment is in the beginning stages, accordingb to the city of Westminster, whicu has pushed for an updating of the propertyfor years. “W look at the property as the existing mall, but also as 100 acresz in the middle ofthe U.S.
36 corridor, one of the most vibranft corridors in themetro area,” said Susan Grafton, economif development manager for the city of “There’s loads of opportunity there … to do something more urbab because of the transportation access.” The redevelopment is in the “very early conceptual design phase,” accordinb to a summary of an April Westminsterr city council meeting. The concept includes office andresidential space, as well as the realignment of nearbgy 88th Avenue and Sheridan Another component of the redevelopment is the nearbyg Regional Transportation District bus park-n-ride, at U.S.
Highwayh 36 and West 88th Avenue, which may get light The council adopted a resolutionb on April 13 forthe city’sx development authority to work with MD Managementt and potential developers “to create a vision and assemble propertieds to make redevelopment of Westminstert Mall a reality,” the summart said. Klaff and partners acquired the Mervyn’s departmeng store chain in 2004for $1.
65 The joint venture that owns the storesx filed for Chapter 11 bankruptcy reorganizatioh in July 2008, and convertec to Chapter 7 liquidation in