Edge Partnership Sells Kirkwood Mall to Public REIT
NEW YORK, June 11, 2013
NEW YORK, June 11, 2013 /PRNewswire/ --A partnership between affiliates of
Edge Principal Advisors, LLC ("Edge"), Radiant Partners and a private investor
recently announced the sale of the Kirkwood Mall to CBL & Associates
Properties, Inc. Developed in 1971, the Kirkwood Mall spans 850,000 square
feet and is the second largest mall in North Dakota. It is considered one of
the area's premier shopping centers.
"Edge recognized the growth potential of this market due to its proximity to
the Bakken Shale Formation," said Jeff Walker, a Principal at Edge. "The
Kirkwood Mall represented an opportunity for us to benefit from that growth
while simultaneously owning a high-quality asset."
The property is well occupied and has enjoyed strong revenue growth in recent
years. In 2012, the sales per square foot at the mall increased by over 15%.
Tenants at Kirkwood Mall include Target Corp., J.C. Penney Company, Inc. and
Chico's FAS Inc.
Evan Mallah, a Principal at Edge, noted, "We see this as further evidence that
institutional investors are migrating toward markets with significant exposure
to natural resources. Edge continues to pursue investment opportunities in
locations that should outperform as a result of increased oil and natural gas
As part of its ongoing strategy, Edge continues to both actively manage the
properties in its existing portfolio as well as identify new investment
opportunities. The Kirkwood Mall was acquired by Edge through its first
discretionary fund, Edge Principal Investments, L.P. Edge is currently
deploying its second investment fund, Edge Principal Investments II, L.P.,
which has approximately $300 million of committed equity.
About Edge Principal Advisors
Edge is a multi-strategy real estate investment partnership formed in 2008 by
Jeff Walker and Evan Mallah, in partnership with a family office whose
principals manage over $5 billion of institutional equity. Well capitalized,
without troubled legacy investments and with a flexible long-term approach,
Edge believes it is uniquely situated to transact in the current environment.
Edge will invest throughout the capital structure, and has dedicated
investment programs in multifamily, hospitality, special situations, office
and retail. More information can be found by visiting www.edgepe.com.
SOURCE Edge Principal Advisors, LLC
Contact: Principal, Jeff Walker, 212-547-2813
Press spacebar to pause and continue. Press esc to stop.