February 8, 2005
The Mills Corporation announces merger agreement to purchase a portfolio of two regional shopping malls, Southdale Center in suburban Minneapolis, Minn., and Southridge Mall in suburban Milwaukee, Wis.
On February 1, Willkie client The Mills Corporation announced that it has entered into a merger agreement to purchase a portfolio of two regional shopping malls, Southdale Center in suburban Minneapolis, Minn., and Southridge Mall in suburban Milwaukee, Wis., and related development components from a joint venture comprised of Blackstone Real Estate Advisors affiliates and Polaris Capital. The total consideration is approximately $452 million before transaction costs. Southdale Center, at 1.3 million square feet, was the nation's first enclosed regional shopping center. At 1.2 million square feet, Southridge Mall is Wisconsin's largest shopping mall and one of the premier regional malls in metropolitan Milwaukee. The Mills Corporation is a self-managed real estate investment trust (REIT) based in Arlington, Virginia that owns, develops, leases, manages and markets a portfolio of 39 retail and entertainment destinations totaling approximately 48 million square feet. The deal, which is reported in the February 2 edition of The Daily Deal, was handled by partner Eugene Pinover and associates Thomas Henry and Aileen Moyano.