Edge Partnership Sells Kirkwood Mall to Public REIT PR Newswire 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 production." 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 Website: http://www.edgepe.com Contact: Principal, Jeff Walker, 212-547-2813
Edge Partnership Sells Kirkwood Mall to Public REIT
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