Thursday, June 2, 2011

Chapel Hills Mall is sold

Posted By on Thu, Jun 2, 2011 at 11:11 AM

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If mall shopping is your thing, you'll be glad to learn that Chapel Hills Mall won't shut down due to a bankruptcy by its former owner, General Growth Properties, Inc., of Chicago.

Coyote Management, L.P. and Garrison Investment Group, announced today they've have acquired the mall through their affiliates.

The mall, on the city's north side, is a 1.2 million square foot enclosed mall with six anchors — Dillard’s, JCPenney, Macy’s, Sears, Dicks Sporting Goods and Burlington Coat Factory, a 15-screen Carmike Cinema and more than 100 specialty stores, Coyote says in a press release.

“The acquisition of Chapel Hills Mall along with Central Mall acquired in December and the portfolio acquired in September comprising of six properties, has established for our partnership a new corporate platform,” said Coyote’s Chairman and CEO Michael Rulli. “We are very enthused with the momentum and direction of our company and look forward to increasing ownership of assets like these over the near term.”

The newly acquired property will add an additional 1.2 million square feet to its existing 3.3 million square feet, giving Coyote Management, L.P. a total portfolio of 4.5 million s.f. of owned and managed properties.

“Coyote has identified numerous opportunities to increase the properties long term income through leasing initiatives, redevelopment and marketing/sponsorship programs,” stated Coyote’s SVP of Asset Management, John N. Desco.

Coyote owns and manages shopping centers in Temple, Tex.; Gainesville, Ga.; Decatur, Ala.; Montgomery, Ala., and Greensboro, N.C.

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