Fortunes changing for Parmatown Mall
10/17/2012
FOR IMMEDIATE RELEASE
October 17, 2012
Contact: Jeannie Roberts (440) 885-8181/(216) 346-9935
Mayor DeGeeter says sale brings new vision, energy for the area
Ten months ago, on just his first day working in the office since his election, Parma Mayor Tim DeGeeter heard the news.
Macy's department store would be closing, hurting an already-struggling Parmatown Mall that was in receivership.
Today, the contrast couldn't be greater.
Phillips Edison & Co., a retail real estate company based in Cincinnati and Utah, acquired the mall and the Macy's property and finalized the deal Tuesday.
"Every day, the first thing I see when I look out my office window, I see Parmatown Mall," DeGeeter said. "Until a deal was reached, I saw an area that was a source of uncertainty for the city. Now, it's a view that brings with it a new vision of hope and energy. We have a partner to help revitalize this area."
DeGeeter's vision for the area includes a "city center" type concept that encompasses the mall area and other nearby community touch points -- Byers Field, the Day Drive corridor, the new Cuyahoga County Library behind City Hall, Parma Community General Hospital, and Stearns Farm.
"This means so much for Parma, in terms of vitality, economic development, tax base and also to encourage long-time residents who have been here and have seen what the mall can mean to the city," he said. "We are looking forward to working with Phillips Edison in any way we can, to be willing partners in an effort to revitalize our city."
Said DeGeeter: "We said when we came in here that Parma is the seventh-largest city in the state, and it's time we started acting like it. I believe this is a great step toward showing what kind of city we really have here."
DeGeeter said the city is looking forward to working with Phillips Edison & Co.
"We're excited to work with such a reputable company that has a track record of success," he said. "This is a substantial investment, and I couldn't more pleased."
DeGeeter credited hard work by the mall's court-appointed receiver, Dave Browning of CBRE Group Inc., to help spur the sale of Parmatown.
"We appreciate his help and determination to see this through to a successful conclusion," he said. "This sale is important for Parma's future and the quality of life for our residents."
Phillips Edison & Co. is fully integrated retail real estate company which owns and manages more than 225 neighborhood and community shopping centers in 35 states. The company has headquarters in Cincinnati and Salt Lake City, as well as regional offices across the country. For more information, visit
www.phillipsedison.com.