SouthPark, NorthPark malls for sale


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Originally Posted Online: March 18, 2013, 5:08 pm
Last Updated: March 18, 2013, 9:57 pm
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By Dawn Neuses, dneuses@qconline.com

SouthPark and NorthPark malls are for sale, again.

According to Reuters.com and other news sources, mall owner Macerich Co. is trying to sell 17 of its Class B malls, ranked as such because they have lower average sales than other properties.

In January 2012, Macerich assumed full ownership of the Moline and Davenport malls. It had owned both in partnership with Simon Property Group, and both were put up for sale for at least a year in 2006.

The SouthPark Mall Task Force -- a group of city staffers, Quad Cities Chamber representatives and community members -- have worked since 2011 with mall owners to encourage redevelopment of SouthPark. In the past five years, the property assessment has dropped by $8.4 million and city sales tax revenue has also fallen.

City staffers said two weeks ago they expected Macerich to present Moline with redevelopment plans in June.

Moline Mayor Don Welvaert said he was unaware the mall was for sale.

Kimberly Hastings, with Macerich corporate communications, did not respond to a request for information.

The Moline City Council was expected to vote on the creation of a Tax Increment Finance district for SouthPark Mall in late April to assist with its redevelopment.

When a TIF is created, it freezes the property assessment. Redevelopment or new development can increase the assessment. Any new tax increment collected is captured by the city and can be given to the developer to offset costs.

Mayor Welvaert said the council may need to wait on the TIF district vote to see how serious Macerich is about selling the property, or if it is sold, to see if the new owner is willing to redevelop the mall.

In December, several national news sources reported Eastdil Secured was marketing 14 of the 17 malls for Macerich. Those malls included 11.1 million square feet of leasable space and are wholly owned by Macerich.

According to an article by the Co-Star Group, the 17 malls are worth more than $1 billion. Conversations with prospective buyers began in late November.

Co-Star reported in early February, Macerich executives said itinitially did not intend to sell all of the assets, but "received significant interest from prospective buyers, and now plans to sell assets worth between $500 million and $1 billion...."

The article stated Art Coppola, chairman and CEO of Macerich, saidhalf a dozen groups bid on the 14 assets with some groups bidding on more than one.

"We are at that point to where we are picking buyers on the 14 (assets). The Seattle group is about a month behind and we'll see," Mr. Coppola said. "I think that certainly by three months from now we will have great clarity on all of those events."

Moline planning and development director Ray Forsythe, city administrator Lew Steinbrecher, and Quad Cities Chamber vice president Paul Rumler did not return calls and/or email requests for comment.




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  Today is Thursday, July 31, the 212th day of 2014. There are 153 days left in the year.

1864 -- 150 years ago: A corps of surgeons now occupies the new hospital quarters at the Garrison Hospital on the Rock Island Arsenal. A fence has been installed to enclose the prison hospital.
1889 -- 125 years ago: B. Winter has let a contract to Christ Schreiner for a two story brick building with a double store front on the south side of 3rd Avenue just west of 17th Street. The estimated cost was $4,500.
1914 -- 100 years ago: Germany sent simultaneous ultimatums to Russia and France, demanding that Russia suspend mobilization within 12 hours and demanding that France inform Germany within 18 hours. In the case of war between Germany and Russia, France would remain neutral.
1939 -- 75 years ago: Civil service offices at the post office and the Rock Island Arsenal were swamped as more than 700 youths sought 15 machinist apprenticeships at the Arsenal.
1964 -- 50 years ago: Last night, American Legion Post 246 in Moline figuratively handed over the trousers to a female ex-Marine and petticoat rule began. Olga Swanson, of Moline, was installed as the first woman commander of the post .
1989 -- 25 years ago: The Illinois Quad City Civic Center captured the excitement and interest of a convention of auditorium managers this weekend in Reno, Nev. Bill Adams, civic center authority chairman, said the 10,000-seat arena planned for downtown Moline has caught the eye of construction firms, suppliers, management teams and concession groups.








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