ATLANTA, Aug. 2, 2006 (PRIMEZONE) -- Hendon Properties announced today its acquisition of Greenbriar Mall in Atlanta, Georgia. In a statement, Charlie Hendon, President of Hendon Properties, LLC, said, "We are excited to add Greenbriar Mall to our portfolio. The major principals of Hendon Properties are Atlanta area natives and we all have a personal stake in seeing Greenbriar Mall regain the strength and economic impact it had when the mall was first developed forty years ago." The joint venture between Hendon Properties and the previous owners, Dundee REIT, a Canadian real estate company based in Toronto, Ontario, will set in motion the redevelopment of the mall.
Greenbriar Mall's rich history within the community, and recent growth in the area were major considerations for the purchase. In addition to being the first mall in Atlanta and the first location for a Chick-fil-A restaurant, the mall is frequented by Atlanta dignitaries on a daily basis. Most recently, the area surrounding Greenbriar Mall has begun to experience significant growth in both residential and retail development. It is the intent of Hendon Properties to combine efforts with city officials, as well as national, regional and local retailers, to revitalize the surrounding area and Greenbriar Mall. The result will be a new shopping experience for area residents and growth opportunities for retailers.
Hendon Properties is well aware that the success of Greenbriar's redevelopment will be dependent upon the support of area residents and they have already begun meeting with community representatives to ask for their insight into the future of the mall. "We are analyzing all of the alternatives to not only have the mall as a place to shop, but to reach out and have the mall become a part of the surrounding southwest Atlanta community. We intend to make it a focal point for the community, not just a place to shop. In addition to physical improvements and new tenants, look for new community events to take place on a regular basis. We already have new food court furniture being manufactured and we have many other improvements in the works. Additionally, we are in preliminary conversations with several new and exciting tenants. Look for a lot of new changes to come to Greenbriar in the next 24 months," said Mr. Hendon.
Under the new joint venture, Dundee REIT retained a significant ownership in the mall while Hendon Properties became an equal equity owner and will serve as Managing Partner. As Managing Partner, Hendon Properties will be responsible for overseeing the mall's redevelopment, construction and leasing activities. In addition, Hendon retained the mall's existing management firm, Atlanta-based O'Leary Partners, LLC to continue to manage the mall's daily operations and to assist in its leasing efforts.
Hendon Properties is an Atlanta-based, full service commercial development company specializing in retail real estate. Founded in 1985, Hendon Properties strives to create greater value through properly serving its customers, retailers, and communities in which it is involved. Known nationally and having developed or redeveloped property in over 20 states, the company's largest project to date is a 1.1 million square foot development in Princeton, New Jersey containing such users as Target, Kohl's, Wal-Mart, Sam's Wholesale Club, Best Buy, Linen N' Things, Borders Books and Music, Michael's, Dick Sporting Goods, and others. In the Atlanta surrounding area, local projects recently completed by the company include Johns Creek Towne Center in Suwanee, GA; Johns Creek Village in Duluth, GA; Stonebridge Square in Roswell; Kohl's Department Store in Cumming; Kohl's and Staples Office Supply in Acworth; and Sam's Wholesale Club at I-85 and Clairmont Road. For more information about Hendon Properties, LLC, please visit www.hendonproperties.com or call 404.262.7400.
The Hendon Properties logo is available at http://www.primezone.com/newsroom/prs/?pkgid=1771
Dundee REIT is an unincorporated, open-ended real estate investment trust and is Canada's leading provider of high quality, affordable office premises. It is focused on owning, acquiring, leasing and managing mid-sized urban and suburban office and industrial properties in Canada. Dundee REIT's diversified portfolio consists of approximately 17.8 million square feet of gross leasable area, located primarily in its target markets of Toronto, Ottawa, Montreal, Calgary and Edmonton. Dundee REIT's portfolio is well diversified by geographic location and tenant mix. For more information, please visit www.dundeereit.com.