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Mills Buys Great Mall of Bay Area For $265.5 Million

Mills Corp. announced it is buying Silicone Valley, Calif.'s Great Mall of The Bay Area from Swerdlow Real Estate Group. The $265.5 million deal will provide a yield of approximately 8.6 percent, according to Mills. The 1.3 million-square-foot super-regional, value and entertainment-oriented center, built in 1994, has 11 anchors including Old Navy, Burlington Coat Factory, Dave & Busters, Century Theatres and an Off 5th -- Saks Fifth Avenue outlet. The center is currently 86.4 percent occupied and clocked average specialty tenant sales of $319 per square foot in 2002.

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