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 into development projects. 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.