LA real estate firm purchases metro Atlanta mall

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News,Business

MORROW, Ga. (AP) — A Los Angeles real estate firm has purchased a metro Atlanta shopping mall, which had been in foreclosure proceedings.

The Atlanta Journal-Constitution reports (http://bit.ly/19h2mCB) that Vintage Real Estate this week purchased Southlake Mall in Morrow. Terms of the deal were not disclosed.

The real estate firm said in a statement that it plans to add more fashion retailers and restaurants, and intends to develop the space left empty by JCPenney in 2011.

Vintage chairman Fred Sands said the company has the capital and experience to transform Southlake into a thriving and popular destination.

The mall, which opened in 1976, has annual sales of more than $100 million.

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Information from: The Atlanta Journal-Constitution, http://www.ajc.com

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