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Business in the Burbs

Movers, shakers and newsmakers

Mall owner says it will stay in region

January
30

Centro Properties Group’s decision to sell the Cortlandt Towne Center does not mean the Australian shopping mall giant plans to pull out of the Lower Hudson Valley, a company spokesman said today.
But Centro’s sale of the Cortlandt mall to Acadia Realty Trust of White Plains sharply reduces Centro’s profile in the region. The mall was the largest of eight properties Centro had in Westchester and Rockland counties; at 646,000 square feet, it accounted for about half of Centro’s 1.2 million square feet in the region.
The company has not put the other seven retail centers on the block, said Jocelyn Bugay, an administrative assistant in the acquisitions section of the company’s Manhattan office.
Bugay confirmed that Acadia paid $78 million for the mall. The deal closed Thursday, she said. Centro was scrambling for new financing last year after several years of broad expansion; its financial problems drove its stock down to mere pennies.
This month the company said it had secured long-term financing, but at terms that diluted the holdings of shareholders.
Centro has shopping centers in Hartsdale, Mamaroneck, Yonkers, New Rochelle, and Nanuet.

Reach staff writer Jerry Gleeson at jgleeson@lohud.com or 914-694-5026.

This entry was posted on Friday, January 30th, 2009 at 4:42 pm by Jerry Gleeson. You can follow any responses to this entry through the RSS 2.0 feed.
Category: Acquisitions, Commerce, Mergers & acquisitions, Retail

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About this blog
Business in the Burbs is our online news blog about businesses based or operating in the Lower Hudson Valley. Visitors here will also find items of interest to consumers in the region. Most contributions are from business reporters and editors covering Westchester, Rockland and Putnam counties.

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