White Plains CitizeNetReporter - National Mall Collector Purchases The Galleria

WPCNR WHITE PLAINS MONEY. From Paul Wood, City Economic Development Officer. December 10, 2002:The Galleria, White Plains’ 4-floor, big block, venerable twenty-two year old center city mall on the west side of the city on Main Street, has been sold by its Toronto-based owners, Cadillac-Fairview, to Mills Corporation of Arlington, Virginia.

The Galleria has undergone extensive renovation the last three years, and recently welcomed in Sears to replace its JC Penney tenant, after a year of searching for a tenant. The Galleria is one of five properties Cadillac-Fairview has sold to Mills, the national mall “collector.”

Paul Wood, City Economic Development officer, provided sketchy background on the new corporate investor in 21st century White Plains, describing Mills as a developer who acquires successful malls, “brands” them with an upscale image, and makes them more successful.

Information provided by Mr. Wood, reports that The Galleria, along with the other four properties being moved has approximately 90% of its space occupied, with average sales of $370 per square foot (in 2001), at time of sale.

In a news release from Mills Corporation, its President, Jim Napoli is quoted as saying “We have a program in place to evaluate each property’s retail and entertainment mix and unlock its value for our retailers, entertainment partners, consumers and shareholders.”

Laurence C. Siegel, Mills’ Chairman on the Cadillac Fairview acquisitions: “Mills has ong been known for creating dominant retail and entertainment destinations under the “Mills” branded flag…we are applying to more conventional full-priced retail venues the principles that have differentiated us in the marketplace. Those include our consumer-focused theming and branding, our unique relationships with the broadest pool of retail and entertainment partners, our special corporate and strategic relationships and our global perspective. Examples of this vision include our blockbuster Meadowlands development project…”

The deal is expected to be closed, according to Mills Corporation on January 31, next month.


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