New book by Larry Connors Click here Improve your trading - See how
It was sold to local investment group that plans to redevelop and rename the mall Great Olathe Center, according to a story in Tuesday's The Kansas City Star.
The sale to Great Olathe Center, LLC, will be applied toward a $30 million loan on the property, the statement from Glimcher said.
Tim McKee, executive vice president of economic development for the Olathe Chamber of Commerce said the group led by managing partner David M. Block, a principal with Block & Co. Realtors of Kansas City, Mo. knows the market.
He said they will continue to aggressively push the product looking for tenants, as they had for the past eight months, when in it's quarterly report, Glimcher first announced it had an unnamed buyer for the mall.
McKee said a problem with securing tenants lately for the mall was that it wasn't located in Columbus, Ohio-based Glimcher's backyard.
Today, the mall is about 80 percent occupied, a number that will drop to about two-thirds when Steve & Barry's closes later this month after filing for Chapter 11 bankruptcy protection during the summer, said Steve Hougland, the mall's general manager.
McKee added, the more than 800,000-square-foot mall, which opened in 1997, was likely built before it's time.
"Now with all of the development in and around that area," McKee said citing the construction of the Interstate 35 and Lone Elm Road interchange, the continuing development of Olathe Medical Center and Garmin, and the population explosion in South Olathe, Gardner and Spring Hill, "it has now finally started coming into its own.
"Other than the economy," he added, "this couldn't be a better time."
But McKee warned that "drastic changes" wouldn't occur overnight. They probably wouldn't happen for at least a year or two, he said.
Block told the Star that new promotions at the mall should begin in the next two months, but acquiring national tenants wasn't expected until 2010 to 2012, after the economy had a chance to rebound.
In the meantime, Block said his group would increase visibility of the mall from I-35 by adding more signs. He said that additional walkways cutting through the center of the mall would be added and its decor would be redesigned.
Block added that future additions could also include high-profile entertainment venues and a hotel.
"The mall draws from a very, very broad demographic and geographic," Block told the Star. "We plan to reposition it to be a driving force in retail sales for the future in southern Johnson County."
McKee said it's too early to tell what the mall would become, but said it could be redeveloped as a mixed use center similar to Zona Rosa in Kansas City, Mo., or a combination indoor mall/outdoor lifestyle center. He added that the future plans of Great Olathe, LLC, wouldn't likely keep the mall indoor only.
"They're saying everything we want to hear, that they'll give (the mall) their full attention," McKee said. "Hopefully this will turn into the mall we all wanted in Olathe."
To see more of The Olathe News or to subscribe to the newspaper, go to http://www.olathedailynews.com/. Copyright (c) 2009, The Olathe News, Kan. Distributed by McClatchy-Tribune Information Services. For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA.
More News:
Market Updates |
Stock Alerts |
All Trading News |
Stock Index
About TradingMarkets | Contact | Advertise | Careers | Link to Us | Site Map | Help | Terms & Conditions | Privacy Policy | Return Policy | Testimonials | Feedback
The Connors Group, Inc. ("Company") is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. The analysts and employees or affiliates of Company may hold positions in the stocks, currencies or industries discussed here. You understand and acknowledge that there is a very high degree of risk involved in trading securities and/or currencies. The Company, the authors, the publisher, and all affiliates of Company assume no responsibility or liability for your trading and investment results. Factual statements on the Company's website, or in its publications, are made as of the date stated and are subject to change without notice.
It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable or that they will not result in losses. Past results of any individual trader or trading system published by Company are not indicative of future returns by that trader or system, and are not indicative of future returns which be realized by you. In addition, the indicators, strategies, columns, articles and all other features of Company's products (collectively, the "Information") are provided for informational and educational purposes only and should not be construed as investment advice. Examples presented on Company's website are for educational purposes only. Such set-ups are not solicitations of any order to buy or sell. Accordingly, you should not rely solely on the Information in making any investment. Rather, you should use the Information only as a starting point for doing additional independent research in order to allow you to form your own opinion regarding investments. You should always check with your licensed financial advisor and tax advisor to determine the suitability of any investment.
HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN INHERENT LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING AND MAY NOT BE IMPACTED BY BROKERAGE AND OTHER SLIPPAGE FEES. ALSO, SINCE THE TRADES HAVE NOT ACTUALLY BEEN EXECUTED, THE RESULTS MAY HAVE UNDER- OR OVER-COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN.
The Connors Group, Inc.
15260 Ventura Blvd., Ste. 2200
Sherman Oaks, CA 91403
© Copyright 2009 The Connors Group, Inc.
