Alaska Permanent Fund and Wilmorite Announce Joint Venture to Own Tysons Corner.Business Editors ROCHESTER, N.Y.--(BUSINESS WIRE)--April 30, 2002 The Alaska Permanent Fund The Alaska Permanent Fund is a constitutionally established Fund, managed by a semi-independent corporation, established by Alaska in 1976. Shortly after the oil from Alaska’s North Slope began flowing to market through the Trans-Alaska Pipeline System, the Permanent Fund was Corporation and Wilmorite Properties, Inc. have executed an agreement to form a joint venture to own Tysons Corner Center Tysons Corner Center, located in Tysons Corner, Virginia (part of Fairfax County, near McLean), opened to the public in 1968, becoming one of the first fully enclosed, climate-controlled shopping centers in the greater Washington area. , a super regional shopping center located in McLean, Virginia. The Alaska Permanent Fund Corporation presently owns and will retain ownership of an interest in the property, and Wilmorite will acquire an interest. Under the terms of the joint venture agreement, Wilmorite will assume management responsibilities for the property. Tysons Corner Center is one of the largest shopping centers in the United States. It is anchored by Hecht's, Lord & Taylor, L.L.Bean, Bloomingdale's, Nordstrom and J.C. Penney. Total sales at the center in 2001 totaled nearly $700 million and an estimated 22 million shoppers visit the center annually. The property exceeds 2 million square feet in size. John W. Anderson Commodore John W. Anderson was the longest serving captain of the SS United States, the fastest ocean liner in history. In 1952, he relieved Commodore Harry Manning as master of the superliner after the recordbreaking voyage on which she broke the translantic speed record , President and Chief Executive Officer of Wilmorite, said "This acquisition marks a major step in Wilmorite's growth and development strategy. Tysons Corner Center is one of the top 10 regional malls in the United States and is located in a market with extremely strong demographics and continuing growth. We are excited to enter the Washington, D.C. metropolitan market, and we look forward to working with our partners at the Alaska Permanent Fund to enhance the retail offerings at Tysons and maximize the potential of this property." Wilmorite Properties, Inc. is a private real estate investment trust headquartered in Rochester, New York This article is about the city of Rochester in Monroe County. For the town in Ulster County, see Rochester, Ulster County, New York. Rochester, once known as The Flour City, and more recently as The Flower City or . Wilmorite owns and manages 13 regional or super-regional malls and two open-air shopping centers totaling over 17 million square feet of commercial real estate, including Danbury Fair Mall The Danbury Fair Mall is the largest shopping mall in the U.S. state of Connecticut and is one of the largest malls in New England. [1] It is located off of Interstate 84 and U.S. Route 7 in the city of Danbury opposite the Danbury Municipal Airport. and Freehold Raceway Mall Freehold Raceway Mall is a super-regional mall in Freehold, New Jersey, United States. The mall's anchor stores are J.C. Penney, Lord & Taylor, Macy's, Nordstrom and Sears. , two super regional malls located in the New York metropolitan area New York–Northern New Jersey–Long Island is the most populous metropolitan area in the United States and the third most populous in the world, after Tokyo and Mexico City. . Wilmorite was founded in 1950 and is the 25th largest shopping mall owner and manager in the United States. Wilmorite was advised by Morgan Stanley Realty on this transaction. The Alaska Permanent Fund is an investment savings account Savings Account A deposit account intended for funds that are expected to stay in for the short term. A savings account offers lower returns than the market rates. Notes: that belongs to the State of Alaska. It was created in 1976 by a voter-approved amendment to the Alaska Constitution. The Fund is established as a public trust which is responsible for the investment of the principal of the Fund. The beneficiaries of the trust are all present and future generations of Alaskans. The investment in Tysons Corner Center was one of the first real estate investments the Fund made in 1984 through L&B Realty Advisors. |
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