Three of the six malls in a 3.7 million-sf portfolio being offered by Whitehall Street Real Estate Fund are attracting interest from B-mall players: Killeen Mall in Killeen, Texas; Villa Linda Mall in Santa Fe, N.M.; and Mesilla Valley Mall in Las Cruces, N.M

Real Estate Alert, March 3, 2004

Three of the six malls in a 3.7 million-sf portfolio being offered by Whitehall Street Real Estate Fund are attracting interest from B-mall players: Killeen Mall in Killeen, Texas; Villa Linda Mall in Santa Fe, N.M.; and Mesilla Valley Mall in Las Cruces, N.M. The six malls, all in second-tier markets in the Southwest, could fetch a total of $250 million.

The buyer of Killeen Mall will likely receive an initial annual yield of 8.75%, while the other five properties will likely trade at about 9.5%. Broker Granite Partners accepted offers last week. While investors can bid on the whole portfolio, the properties are likely to be sold individually or in small groups.