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The Landing developers preparing to sell
As occupancy at The Landing is ready to pass the 90 percent mark, developers Pearlmark Harvest Lakeshore, formerly Transwestern Harvest Lakeshore, is preparing to sell the 21-acre shopping center.
Though the buyer has not been announced, Senior Property Manager Rod Swift said this week the goal is to complete the sale by the end of the year.
“This always has been the plan,” Swift said, adding that the recession slowed the sale plans some.
Swift said the buyer is a “large institutional investor” with national experience managing shopping centers, including another property in the area.
Swift this week told the City Council not to worry about the future of the property as the buyer plans to make the center part of its “core fund,” or longterm investment asset.
“It’s a serious buyer who’s going to take serious care of this property,” he said.
Opened in 2007, occupancy at The Landing has been steadily increasing, even through the recession. National retailers such as Target, Ross and Dick’s, as well as restaurants - both chain and local - and service businesses call the center home.
Swift said the sale is for the retail portion of the project only and will not include the apartments, all of which were developed by other entities. Swift also said Target is excluded from the sale as they own their own space.
The city will continue to own the parking garage located at the Landing, but council members this week said they would be willing to sell that property as well, should the buyer be interested.
All contracts currently in place between The Landing and the city will transfer to the new owner and remain in place.