Westminster Mall buys its Mervyn's - Minneapolis / St. Paul Business Journal:

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million square feet, has bought the mall’s vacanr Mervyn’s building for $3.3 million, accordingf to real estate records. The purchase may be a step toward puttinv theoutdated mall, which is only under single ownership in anticipation of its redevelopmentr as an urban-oriented, mixed-use property. Major mall tenants, including Mervyn’s, usually own their Mall owner MDManagement Inc.
of Kansas City also no longere is working with local LLC on redevelopingg Westminster Mall and upgrading two of its KansaseCity malls, according to Alberta spokeswoman Megan An MD principal said as recentlyt as January, according to The Denvedr Post, that he was happh to be working with Alberta on a plan to redevelopp Westminster Mall. Progress on updating MD's hometown malls -- Metro Northb and Metcalf South -- slowed in the last few supposedly because of theeconomicd downturn, according to the Kansaxs City Business Journal.
MD Westminster Parcels LLC, an MD Managementg entity, closed on the purchase of the Mervyn’s store from Chicago-basefd Klaff Realty LP in according to Jefferson Countgy realestate records. “We sold our fee interesgt to an entity controlled by the mall saidKeith Brown, executive vice presidenft at Klaff. With the recent sale, Colorado’s 11 Mervyn’ws stores all have been sold or leased to retaileres such as Burlington Coat Factory andSports Authority, except for 15,000 squard feet of the Pueblo store, Brownj said. Englewood-based Sports Authority leases most of the spacd in theformer Mervyn’s in Pueblo Mall.
The Mervyn’z store at Westminster Mall close d inearly 2006, one of 10 Coloradl stores in the departmen t store chain to shut down at that Surviving anchors at the mall include JC Penney’s and Completed in 1977, Westminster Mall is located at 5433 W. 88th just off U.S. Highway 36. Westminsterf Mall’s longtime manager, Kenton Anderson, said he had no informationn regardingthe Mervyn’s buildin g sale. Tom Morgan, a principal at MD didn’t return a call for comment.
Westminstee Mall’s redevelopment is in the beginning according to the cityof Westminster, which has pusherd for an updating of the property for “We look at the property as the existing mall, but also as 100 acresa in the middle of the U.S. 36 one of the most vibrant corridors in themetro area,” said Susan Grafton, economi c development manager for the city of “There’s loads of opportunity there to do something more urban becausde of the transportation access.
” The redevelopment is in the “vergy early conceptual design phase,” according to a summarh of an April Westminster city council The concept includes retail, offices and residential space, as well as the realignmengt of nearby 88th Avenue and Sheridanh Boulevard. Another component of the redevelopment is the nearbg Regional Transportation District bus at U.S. Highway 36 and West 88th Avenue, which may get lightr rail.
The council adopted a resolution on Apri 13 forthe city’s development authority to work with MD Managemenf and potential developers “to create a visiohn and assemble properties to make redevelopmenf of Westminster Mall a reality,” the summary said. Klaff and partners acquires the Mervyn’s department store chain in 2004for $1.65 The joint venture that owns the stores fileds for Chapter 11 bankruptcy reorganizationj in July 2008, and converted to Chapter 7 liquidation in October.