Denton mall purchased from the holding company that controlled it after foreclosure

The Golden Triangle Mall in Denton has a new owner, a  Dallas partnership which purchased the mall with plans to give a major facelift including a new food court, facade and updated storefronts.

GTM Development the new owners of the Denton mall, is a limited partnership of The MGHerring Group in Dallas, a national shopping center developer, and Cencor Realty Services, a retail property management firm also in Dallas. It acquired the the 765,000-square-foot mall from a holding company that controlled it after a foreclosure about 11/2 years ago.

The arrangement underscores that the new owner will be responsible for the mall’s redevelopment, which will begin early next year. Cencor will manage the mall, while MGHerring and The Weitzman Group, Cencor’s brokerage affiliate, will jointly lease the property.

The real estate , which opened its doors 31 year ago, is located at Interstate 35E and Loop 288. It has more than 90 national retailers, specialty shops and restaurants, including anchors J.C. Penney, Macy’s, Dillard’s and Sears. At the moment of purchase the mall was 97% leased.

“This acquisition is an important step toward creating a brand-new retail experience for shoppers at Golden Triangle Mall,” Gar Herring, president of The MGHerring Group, said in a statement.

The renovations will also include redesigned mall entrances; additional retail space and upscale full-service restaurants; new flooring, materials and design elements in the common areas; new amenities including seating areas, interior and exterior landscaping, fixtures and directories; and new signage, graphics and lighting, Star Telegram reported.

 

Golden Triangle Mall in Denton is getting new owners -- and more than just a new coat of paint.

GTM Development, a limited partnership between The MGHerring Group and Cencor Realty Services, has completed acquiring the mall and will soon turn to redeveloping the 765,000 square foot property at I-35E and Loop 288 in Denton.

The mall will get a new facade, redesigned entrances, and exterior landscaping. Inside, new storefronts for retailers will reflect the style of each of the tenants. Victoria's Secret new storefront, which opened in October, is already an example of the new design, the group says.

From the press release, it sounds like the mall will get a full makeover -- new flooring, materials, design elements, and new amenities throughout the mall are all detailed.

The group also says a new food court and additional upscale, full-service restaurants are in the redevelopment plans.

The City of Denton is also supporting the redevelopment with a Economic Development Grant Agreement that was approved back in August.

"The purpose of the incentive is to encourage the location of more national tenants and to increase sales tax revenues, without sacrificing any existing tax revenues," Denton Mayor Mark Burroughs said.

Redevelopment is scheduled to begin in early 2012 with a grand reopening of the mall slated for next Fall.

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