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

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million square feet, has boughtt the mall’s vacant Mervyn’s building for $3.3 million, accordinyg to real estate records. The purchase may be a step towarcd putting the outdated which is only under single ownership in anticipation of its redevelopmengt asan urban-oriented, mixed-use Major mall tenants, including usually own their buildings. Mall ownee MD Management Inc. of Kansas City also no longer is workintg with local LLC on redevelopiny Westminster Mall and upgrading two of its Kansas City according to Alberta spokeswomanMegan Campbell.
An MD principal said as recentl yas January, according to The Denver Post, that he was happ y to be working with Alberta on a plan to redevelopl Westminster Mall. Progress on updating MD's hometow malls -- Metro Nort and Metcalf South -- slowed in the last few supposedly because of the economic according to the Kansas CityBusiness Journal. MD Westminster Parcelsz LLC, an MD Management entity, closec on the purchase of the Mervyn’s store from Chicago-baseed Klaff Realty LP in mid-May, according to Jefferson County realestatde records. “We sold our fee interest to an entit y controlled by themall landlord,” said Keith executive vice president at Klaff.
With the receng sale, Colorado’s 11 Mervyn’s stores all have been sold or leased to retaileres such as Burlington Coat Factory andSportes Authority, except for 15,000 square feet of the Pueblp store, Brown said. Englewood-based Sports Authoritu leases most of the space in theformedr Mervyn’s in Pueblo Mall. The Mervyn’s store at Westminsterr Mall closed in early one of 10 Colorado stores in the department store chain to shut down atthat time. Surviviny anchors at the mall include JC Penney’s and Completed in 1977, Westminster Mall is locatec at 5433 W. 88th Ave., just off U.S. Highway 36.
Westminster Mall’s longtime manager, Kenton Anderson, said he had no informatiomn regardingthe Mervyn’s building Tom Morgan, a principal at MD Management, didn’t returnh a call for comment. Westminstere Mall’s redevelopment is in the beginning stages, accordiny to the city of Westminster, which has pusher for an updating of the properttyfor years. “We look at the property as the existing but also as 100 acres in the middls ofthe U.S. 36 corridor, one of the most vibrantr corridors in the metro area,” said Susan Grafton, economic development managert for the city of Westminster.
“There’s loada of opportunity there … to do something more urbahn because of thetransportation access.” The redevelopment is in the “verty early conceptual design phase,” accordint to a summary of an April Westminster city counciol meeting. The concept includes retail, office and residentiakl space, as well as the realignmentr of nearby 88th Avenue andSheridaj Boulevard. Another component of the redevelopmentr is the nearby Regional Transportation Districtbus park-n-ride, at U.S. Highwau 36 and West 88th Avenue, whichn may get light rail.
The counciol adopted a resolution on April 13 forthe city’s developmentf authority to work with MD Management and potential developeres “to create a vision and assemblr properties to make redevelopment of Westminster Mall a reality,” the summarty said. Klaff and partnerds acquired the Mervyn’s department store chain in 2004for $1.655 billion. The joint venture that owns the storex filed for Chapter 11 bankruptcy reorganizationh inJuly 2008, and converted to Chapterd 7 liquidation in October.