Albany's Heritage Mall sold

By Alex Paul
Albany Democrat-Herald
Last Updated on: August 17th, 2005
www.dhonline.com

Heritage Mall has been sold to Steadfast Commercial Properties, a real estate development company based in Newport Beach , Calif.

The mall had been owned by Heritage Mall LLC, a Kenneth Roebbelen company, also based in California . The sale was completed Aug. 10.

According to the Linn County recorder, value of the transaction was $34,050,000. In 2004, Heritage Mall had an assessed taxable value of about $17,000,000 according to county records. It was constructed in 1988-89 at a cost of approximately $21.5 million, according to records at the assessor's office.

Heritage Mall covers 34 acres in the heart of Albany , on the north side of 14th Avenue , between Geary and Clay Streets.

The new owners have retained all local management team members.

"The community of Albany has always supported this shopping center and Steadfast has been preparing plans for multiple phases of renovation in order to provide the community with the kind of shopping center it deserves," Dean Curci, project manager in charge of repositioning for Steadfast, said in a press statement.

Helen Burns Sharp, community development director, provided Steadfast with demographic information about Albany 's growth as negotiations were underway in recent months. "We mostly provided information about local retail activity and building data, especially about all of the new subdivisions being constructed here," Sharp said.

"That information would indicate the purchase was a wise decision in the long run."

Sharp said Albany 's position as the retail hub of the mid-valley "shows that other people believe economic growth here will continue into the future and it should continue for Heritage Mall's new owners as well. They want to invest their money in places where there is a growing retail base."

The city of Albany 's assistance was greatly valued, said Jim Yoder , senior vice president of Steadfast Commercial Properties. "The city of Albany and their community development people have been proactive team members and have helped us greatly as we prepared to complete the acquisition of this property," Yoder said in the company's statement. "They have provided very valuable information related to the community area and all of the positive growth that has taken place."

Heritage Mall is anchored by Sears, Ross, recently opened Gottschalks, and a newly expanded Target. Old Navy will open in early September.

Donna Green, Heritage Mall general manager, said the shopping center is "well positioned to service many communities throughout Linn and Benton counties, in the greater Willamette Valley ." Green has managed the mall since March 1995.

The Steadfast Company has more than 800 employees and is involved in all facets of real estate development, ownership and management, according to its Web site. Its commercial property division is one of its most active divisions, acquiring and redeveloping four regional malls between Sacramento and Seattle in the last 2½ years.

Steadfast also owns AMX Resort Holdings, which owns and manages hotels and develops ownership resorts and time shares in the U.S. , Mexico , the Caribbean and Latin America .

Rodney Emery is the company's chairman and chief executive officer and John McAlister is president.

Reporter Alex Paul covers business, agriculture and timber issues. He can be reached by calling 812-6076 or by e-mail at alex.paul@lee.net.

Original Article

Back to Top