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Article: Mills Corp. Sells Its Strip Malls; Va. Company Focuses on Mega- Centers
- Article from:
- The Washington Post
- Article date:
- August 16, 2000
- Author:
CopyrightThis material is published under license from the Washington Post. All inquiries regarding rights should be directed to the Washington Post. (Hide copyright information)
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Arlington-based mall operator Mills Corp. is selling its entire
portfolio of strip shopping centers, including three in the
Washington area.
A real estate partnership headed by Stoltz Management of Delaware
Inc., based in Wilmington, is buying the portfolio of 11 centers in
two phases, according to a Mills official. All but one of the
shopping centers was sold in the first phase for $141 million. That
phase, which closed Aug. 3, included the sale of the Germantown
Commons, West Falls Church and Montgomery Village strip malls.
The remaining center, Liberty Plaza in Philadelphia, will be sold
for $28.2 million.
Mills officials said the sale of the portfolio, with 2.2 million
square feet of ...