Archive for the 'Shitty Place' Category
When is $22.8 million a bargain?
When you pay that much for City Shitty Place. Sure, it sounds like a lot, but I think it’s a sweet deal. The posted press release is dated August 11, 2010, but it’s just now making the rounds:
Hutensky Capital Partners acquires City Place Mall
Hartford, Conn. ( August 11, 2010 ) – Hutensky Capital Partners said it has acquired City Place Mall, a 350,000-sq.-ft. shopping center in Silver Spring, Md., from an affiliate of Petrie Ross Ventures for $22.8 million in a three-party deal that included a discounted payoff of 100% of the property’s outstanding debt.
An affiliate of the seller will manage and lease the property and lead the redevelopment process.
“We were attracted by the property’s location in the central business district of Silver Spring, a vibrant urban area with proven retail performance,” said Brad Hutensky, HCP’s general partner. “However, like many properties today, the asset was overleveraged. By providing a big chunk of fresh capital, we were able to find a middle ground for settlement that the lender and borrower could agree to. The result is that we now own a debt-free property that can be redeveloped to meet its full potential.”
Now the $22.8 million question is: What the hell will they do with it? Among the (potentially contentious) recommendations/additions:
- Raze it
- Bed Bath & Beyond
- H&M
- Dave & Buster’s
- Men’s clothing (beyond the 14-18 year-old set)
- Keep the Marshall’s
- Any non-truant-related retail
Feel free to add yours. Maybe we can get a community letter off to the Hutensky boys and have them come speak at an ECCSA meeting. Or not. God forbid anyone be put through that.
Photo by Bill O’Leary/The Washington Post
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