ADDISON, Tex. - Lakeshore Mall in Gainesville has a new owner: Coyote Management, L.P. and Garrison Investment Group of Addison, Texas.
Lakeshore is one of several regional malls and shopping centers around the country that have been bought by Coyote.
The others, according to an announcement that was made Thursday, are Decatur Mall, Decatur, Ala.; Promenade Montgomery Shopping Center and Promenade Montgomery North Shopping Center, Montgomery, Ala.; Bellwood Center, Montgomery, Ala. and Quaker Village, Greensboro, NC.
Lakeshore is a 517,153 square foot regional mall with three traditional department store anchors, Belk, JCPenney and Sears and over 50 specialty stores. Lakeshore Mall underwent a major renovation in 2006 which included updated entrances, new flooring, soft seating areas and a new family restroom.
The site was first developed as an open-air shopping center in the early 1960s by Gainesville businesswoman Pearl Nix.
"These acquisitions represent the next phase of our company's strategic growth initiatives," stated Coyote's CEO and Chairman, Michael E. Rulli. "We fully expect Coyote's ownership of these kinds of assets to increase dramatically in the next two years."
"Coyote has identified numerous opportunities to increase the properties' long term income through leasing initiatives, redevelopment and marketing/sponsorship programs," according to Coyote's SVP of Asset Management, John N. Desco.
The newly acquired properties will add an additional 1.6 million square feet to the existing 1.2 million owned and 3 million s.f. managed, giving Coyote Management, L.P. a total portfolio of 5.8 million s.f. of owned and managed properties.
CoyoteManagement.com for more information.