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Mayberry Mall has new owner

July 30th, 2007 · No Comments

First Republic Group Realty has purchased Colonial Mayberry Mall in Mount Airy from Birmingham, Ala.-based Colonial Properties Trust. Tenants in the 206,940-square-foot enclosed mall on U.S. 52 include K mart, JCPenney and Belk Department Store. Mayberry Mall is among four regional malls and seven strip shopping centers, including the 102,233-square-foot Quaker Village in Greensboro, sold to the 15-year-old, New York-based investment group. First Republic Group did not announce what it paid for 11 properties totaling 2.4 million square feet. In June, Colonial Properties Trust sold OZRE Realty LLC an 85 percent interest in 16 “non-core retail centers” totaling 3 million square feet with a market value of $360 million.

Colonial Properties Trust CEO Reynolds Thompson said in a previous news announcement that selling the shopping centers results from a strategic decision to concentrate on multi-family real estate development. It’s been known since September 2004 that Colonial Properties intended to sell Mayberry Mall and at least five other shopping centers. At that time, Morgan Stanley analysts estimated the sale price for the six would be between $290 to $330 million.

Jones Lang LaSalle in Atlanta will lease and manage the First Republic portfolio, the company announced July 17.

Jones Lang LaSalle Retail describes itself as the largest third-party shopping center manager with a 47.3-million-square-foot portfolio of more than 108 regional malls and transportation terminals across 25 states and the Caribbean. Jones Lang LaSalle (NYSE: JLL), the only real estate money management and services firm named to FORTUNE magazine’s “100 Best Companies to Work For” and Forbes magazine’s “400 Best Big Companies,” has a portfolio of 982 million square feet of property under management worldwide, including more than 280 shopping centers on four continents.

According to today’s article in The Mount Airy News (subscription required), Mayberry Mall was built in 1968. “With a 1986 addition, the commercial property, which sits on a 16.5-acre trac, has a 2005 market value of $4.3 million.”

Tags: Transactions

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