A Blackstone Group partnership has awarded another mall listing to Granite Partners, this time for the 1.3 million-square-foot Tri-County Mall in Cincinnati

Real Estate Alert, April 14, 2004

A Blackstone Group partnership has awarded another mall listing to Granite Partners, this time for the 1.3 million-square-foot Tri-County Mall in Cincinnati. The Class-B property is expected to fetch about $185 million. At that price, the buyer's initial annual yield would be 7.8%. The mall's in-line space is 92% occupied by tenants that produce $380/sf of sales.

It will likely draw interest from some of the big mall REITs and private players. Granite already has the listing on Dakota Square in Minot, N.D. Both properties are owned by Blackstone and operating partner Polaris Capital. They will hit the market soon.