Mills Corp. Buys Two Big Malls

Arlington, Va., The Mills Corp. will purchase a portfolio of two regional shopping malls, Southdale Center in suburban Minneapolis, 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.

Specialty tenant sales at the two centers averaged $418 per square foot in 2004. Excluding vacant anchors, the properties are 88% leased.