Friday, September 26, 2014

Mall Sale

DDR has sold the Family Centers in Taylorsville, Midvale, and Orem to Excel Trust, a San Diego REIT.  Excel then flipped the Taylorsville center to Texas-based TriGate Capital.  Excel's purchase price was $225.6 million.

When I first started practicing law, my office was right across the street from the Midvale center.  My building was the only office tower there then, and the Family Center was little more than a strip mall.  Things have changed considerably since then.  Not always for the better.  A few years ago, it looked like the place was going the way of so many other small malls, with anchors leaving and small spaces going and staying dark.  DDR managed to turn things around, though, replacing anchors and bringing in new shops, including local merchants, a move that would give outfits like Taubman a seizure.  Still a lot of question marks, though, such as the future of the Office Max space now that the merger with Office Depot has gone through.  Time will tell.