Wednesday, May 14, 2014
Lennar Commercial, Sterling Organization Acquire North DeKalb Mall in Atlanta
FOR IMMEDIATE RELEASE
MIAMI – May 14, 2014 – On Friday, May 9, Lennar Commercial Investors (LCI), LLC partnered with Sterling Organization to acquire North DeKalb Mall, a 622,297-square-foot center located just inside I-285 in northeastern Atlanta. LCI is a commercial real estate development and investment company and subsidiary of Lennar Corporation (NYSE: LEN and LEN.B). Sterling Organization, whose headquarters is in Palm Beach, FL, is a vertically integrated private equity real estate firm that specializes in retail focused assets.
The development team, which also includes Atlanta-based development, brokerage and management company Hendon Properties, plans to convert the enclosed portion of the property to an open-air concept. Lennar and Sterling acquired ownership interest in the property and Sterling will manage the center. Timing on the redevelopment has not been finalized.
“North DeKalb Mall is extremely well positioned for redevelopment based on its age, proximate location to major employers such as AT&T, Emory University, Cox Communications and Kroger, and easy access to major thoroughfares,” said Mike Cohn, Regional President of Lennar Commercial. “In addition, a redevelopment will greatly benefit the high density neighborhoods surrounding the property, including Emory, Druid Hills and Decatur.”
“North DeKalb Mall fits perfectly with our investment philosophy to target well-located retail assets in major markets that have below market rents and where value can be created through lease up, redevelopment and/or repositioning,” said Brian D. Kosoy, Managing Principal and CEO of Sterling Organization. “We are looking forward to partnering with Lennar to transform the property.”
North DeKalb Mall, which opened in 1965, is one of the last remaining large-scale infill opportunities in the Decatur/Emory area for retail or mixed-use redevelopment. Currently, the anchor tenants include AMC Theatres, Burlington Coat Factory, Macy’s, Marshalls and Ross Dress for Less.
About Lennar Commercial Investors
Lennar Commercial Investors, LLC is the commercial division of Lennar Corporation, specializing in the development, investment and management of retail, mixed-use and commercial office projects. The Lennar brand exemplifies creativity, innovation and teamwork, and is currently represented in 19 states nationwide. Lennar Corporation, founded in 1954, trades on the New York Stock Exchange under the symbol LEN and LEN.B. For more information, visit www.lennarcommercial.com.
About Sterling Organization
Sterling Organization is a vertically integrated private equity real estate firm that has an established track record of providing exceptional risk-adjusted returns to its partners, in both relative and absolute terms. The company is focused on investing in anchored retail real estate assets in select major U.S. markets on behalf of Sterling’s principals in partnership with the highest quality institutional and high net worth investors. Sterling Organization is headquartered in Palm Beach, FL.
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