Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: SUNDAY, November 28, 1993 TAG: 9311250186
SECTION: CURRENT PAGE: NRV-8 EDITION: NEW RIVER VALLEY
SOURCE: New River Valley bureau
DATELINE: FORT CHISWELL LENGTH: Medium
New Plan bought the mall in eastern Wythe County along with two other large outlet centers in California and Missouri from Angeles Corp., which is presently in Chapter XI bankruptcy proceedings.
The new owner of Factory Merchants Mall paid $40 million, assumed mortgages for another $12.1 million, and acquired 100 percent of the stock of Factory Merchants Malls Inc., a subsidiary of Angeles Corp. and owner of all three malls.
The 67-year-old company owns more than 100 properties including shopping centers and garden apartment complexes in 18 states. Two years ago, it became America's first $1 billion real estate investment trust.
Factory Merchants Mall Manager Janet Blair said the new owners had been to the property several times and are making plans for improvements and maintenance work that the former owner had not done.
"Priority activity will focus on new curbing, wood siding, painting and improving of lighting in areas that need it," said Leonard Cancell New Plan's senior vice president. He also said New Plan would be exploring new landscaping for the mall.
New Plan has the financial strength to make the retailing facility one of the most attractive and modern in the industry, he said.
Cancell and Blair also said a leasing team is rekindling negotiations with former prospects and talking with potential new tenants. Emphasis is on manufacturers with whom the former owner had let negotiations wane, they said.
They also said that the mall would benefit in future years from the Disney World theme park planned for Manassas, because motorists driving to it will travel through Wythe County on Interstate 81 and some may shop at the mall.
"The center's new owners have the cash and the conviction required to make Factory Merchants of Fort Chiswell a great center, bigger and better than ever before," Cancell said.
by CNB