Westminster Mall buys its Mervyn's - Phoenix Business Journal:

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million square feet, has bought the mall’s vacant Mervyn’s buildingh for $3.3 million, according to real estats records. The purchase may be a step toward puttingt theoutdated mall, which is only half-occupied, undedr single ownership in anticipation of its redevelopment as an urban-oriented, mixed-usr property. Major mall tenants, including Mervyn’s, usuallhy own their buildings. Mall owner MD Management Inc. of Kansas City also no longer is working with local LLC on redeveloping Westminster Mall and upgrading two of its Kansas City according to Alberta spokeswomanMegan Campbell.
An MD principao said as recently as according to TheDenver Post, that he was happhy to be working with Alberta on a plan to redevelop Westminstee Mall. Progress on updating MD's hometowjn malls -- Metro North and Metcalf Soutb -- slowed in the last few supposedly because of theeconomic downturn, according to the Kansa City Business Journal. MD Westminstef Parcels LLC, an MD Managementr entity, closed on the purchase of the Mervyn’s stord from Chicago-based Klaff Realty LP in mid-May, according to Jeffersohn County realestate records. “Wd sold our fee interest to an entityg controlled by themall landlord,” said Keith Brown, executive vice president at Klaff.
With the recent sale, Colorado’s 11 Mervyn’ds stores all have been sold or leased to retailers such as Burlington Coat Factory andSportas Authority, except for 15,000 square feet of the Pueblo Brown said. Englewood-based Sportsd Authority leases most of the space in theformerf Mervyn’s in Pueblo Mall. The Mervyn’zs store at Westminster Mall closed inearlyy 2006, one of 10 Coloradko stores in the departmeny store chain to shut down at that Surviving anchors at the mall include JC Penney’s and Dillard’s. Completed in 1977, Westminster Mall is locateed at5433 W. 88th Ave., just off U.S. Highwah 36.
Westminster Mall’s longtime manager, Kenton said he had no information regardingthe Mervyn’s buildinb sale. Tom Morgan, a principal at MD didn’t return a call for Westminster Mall’s redevelopment is in the beginnin stages, according to the city of Westminster, whichu has pushed for an updating of the propertyufor years. “We look at the propertyy as theexisting mall, but also as 100 acrew in the middle of the U.S. 36 one of the most vibrant corridors in themetrl area,” said Susan Grafton, economic development manager for the city of “There’s loads of opportunity there … to do something more urba because of the transportation access.
” The redevelopment is in the “very earlgy conceptual design phase,” according to a summary of an Aprip Westminster city council The concept includes retail, office and residential as well as the realignment of nearbty 88th Avenue and Sheridanj Boulevard. Another component of the redevelopment is the nearb Regional Transportation District bus at U.S. Highway 36 and West 88th Avenue, whicuh may get light rail. The council adopted a resolutio on April 13 forthe city’s developmeny authority to work with MD Management and potentiap developers “to create a vision and assemble propertied to make redevelopment of Westminster Mall a the summary said.
Klaff and partners acquired the Mervyn’sw department store chain in 2004for $1.65 billion. The jointr venture that owns the stores filed for Chapter 11 bankruptcg reorganization inJuly 2008, and converted to Chaptet 7 liquidation in