[urban_encounter]

Originally Posted by econgrad

Friday, February 1, 2008
Sunrise Mall buy simplifies Citrus Heights revitalization
Steadfast owns multiple malls, plans to invest millions, buy more
Sacramento Business Journal - by Kelly Johnson Staff writer

The new owners of Sunrise Mall plan to pump in "millions and millions of dollars" to improve the property, but this week's sale also could open the door to a major redevelopment that takes in the huge Citrus Heights shopping center and the commercial district around it.

Steadfast Cos. closed the deal Tuesday to buy the 1.1 million-square-foot mall and much of the land underneath it for an undisclosed price, estimated by industry sources at more than $100 million.

Executives with the new landlord say they will pump cash into efforts to boost sales, attract strong new tenants and add to the dining and entertainment options at the regional shopping mall. They're also looking to do some more shopping of their own, scouting for other retail acquisitions in Greater Sacramento.

Steadfast -- a Newport Beach-based owner and operator of malls, industrial space, offices, apartments and resorts -- and its equity investors didn't just acquire most of the region's largest shopping center this week in the long-rumored deal. They also removed many of the complex ownership structures that were the single greatest obstacle to reinvesting in the property, said Jim Yoder, Steadfast's senior vice president of commercial properties.

I just caught Steadfast's presentation to the Citurs Heights City Council and it sounds like they're planning a major remodel and expansion of the mall; which was one of the reasons they worked to remove any possible obstacles to their expansion plans (as noted above and during the presentation).