Mall a perfect fit for new managers

  • Bryan Corliss / Herald Writer
  • Thursday, December 13, 2001 9:00pm
  • Business

By Bryan Corliss

Herald Writer

The company that manages the Bellevue Galleria has been hired to oversee the Everett Mall.

The company, Madison Marquette Realty Services of Minneapolis, is "what we’ve been waiting 18 months for," said Linda Johannes, the mall’s general manager.

"They’re a large national company," she said. "They really know what they’re doing with property redevelopment and remodeling, leasing management. They have all the cards."

It’s too early to tell what changes the management company will make at the mall. Johannes said a strategic planning session is set for early January to begin the process.

Control of the mall has been in limbo since former owners Titanic Associates defaulted on its $55 million mortgage and $6 million in taxes and interest. The property — including the nearly vacant Mall Village across the street — was placed in receivership in October 2000.

The lender, Equitable Life Assurance Society of New York, took possession of the mall in June, rather than put it up for sale.

Equitable turned the property over to its property management arm, Lend Lease Inc., which then hired Madison Marquette to manage the property.

A spokeswoman for Madison Marquette could not be reached Thursday. But in a prepared statement, the company’s vice president, Greg McDonald, said the Everett Mall "fits perfectly into the family of Madison Marquette ‘special places’ properties."

"It is a well-established community favorite," McDonald said. "We believe it has excellent potential."

Madison Marquette manages more than 21 million square feet of property at regional malls, specialty centers, community centers, urban villages and other retail and mixed-use properties. Along with the Bellevue Galleria, it manages the Broadway Market and 601 Pine in Seattle.

The Everett Mall totals 673,000 square feet. It is home to 110 stores and services, and is anchored by The Bon Marche, Sears and Mervyn’s.

You can call Herald Writer Bryan Corliss at 425-339-3454

or send e-mail to corliss@heraldnet.com.

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