Granite arranges $236m mall sales.Granite Partners LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , representing a partnership of The Blackstone Group Blackstone Group L.P. (NYSE: BX) is a prominent private equity and investment management firm founded in 1985 by Peter G. Peterson and Stephen A. Schwarzman. The company is based in New York City, in River House on Park Avenue at Fifty-first Street, with offices in Atlanta, and Polaris Capital, has arranged the sale of the Tri-County Mall, a 1.3-million-square-foot super-regional center in Cincinnati, for approximately $180 million. The purchaser was New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of City-based Thor Equities, headed by Joseph J. Sitt. "Tri-County Mall is a dominant retail center anchoring one of the Ohio's most dynamic retail corridors," said Gerry Mason, executive managing director of Granite Partners. "Thor's acquisition and future repositioning of the mall will ensure that Tri-County remains a premier shopping destination." The mall is anchored by Macy's, Dillard's, Sears and JC Penney. Tri-County Mall is currently 90 percent leased and has consistently produced inline sales of approximately $380 per square foot and $250 million in total sales. Mason said that the mall has additional upside opportunity because of JC Penney's plan to vacate To annul, set aside, or render void; to surrender possession or occupancy. The term vacate has two common usages in the law. With respect to real property, to vacate the premises means to give up possession of the property and leave the area totally devoid of contents. at the end of the year. The departure will enable Thor to add additional lifestyle tenants, restaurants, or another department store. Thor Equities plans to invest $15 million toward improvements at the mall, presently the firm's largest retail asset. Granite Partners LLC, representing a partnership of The Blackstone Group and Polaris Capital, has also arranged the sale of the 675,000 s/f Dakota Square Mall Dakota Square Mall is an enclosed shopping center in the city of Minot, North Dakota. The largest mall within 170 km, it includes four major anchor stores, over 70 smaller stores, a food court, and a nine-screen Carmike Cinema with stadium seating. in Minot, North Dakota
The purchaser was The Lightstone Group, a private real estate company based in Lakewood, New Jersey and headed by David Lichtenstein. There is no competing mall within a 100-mile radius, allowing the property to dominate an expansive area. Some shoppers travel nearly 200 miles to shop at Dakota Square, while others cross the border from Canada. |
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