Wednesday, June 14, 2006

Former Mervyn's space to get new tenants

Six months after closure of the Mervyns department stores at The Citadel and Chapel Hills malls there are signs that both sites may soon have new tenants. Without getting into specifics, broker Keith Brown of Chicago-based Klaff Realty says "we are pretty far along in the process. We feel like we are close to resolving all 10 of the Mervyns properties in Colorado. I can't give you a timetable because nothing has been signed. But we are close." Klaff Realty, LP entered into a joint venture with Lubert Adler Funds, Cerberus Capital Management, Inc., Sun Capital Partners, Inc. and Acadia Realty Trust in 2004 to complete the purchase of Mervyns from Target Corporation for $1.175 billion. Klaff handles all of the real estate transactions for the group.

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