THE BOSTON GLOBE THURSDAY, APRIL 9, 1998 Pyramid puts malls up for sale 5 Bay State properties among those on block By William Kates ASSOCIATED PRESS SA 1 SYRACUSE, N.Y. The Pyramid which runs the Northeast's "largest shopping center network, 'joined an industry trend yesterday when it put a "For Sale" sign on more than two dozen malls, including five in Massachusetts. certainly is a good time right 'now. Consolidation is one of the buzzwords," said John Konarski, -vice-president for the International Council of Shopping Centers, a New York City-based trade group. In announcing the sale, Pyramid founder and managing partner Robert Congel said the time was ripe to sell off his mall empire for both personal and business reasons.
The market for malls is extremely hot because big investment groups are scrambling to find properties to buy. Earlier this year, the nation's 'biggest shopping mall owner, Indianapolis-based Simon DeBartolo Group paid $5.8 billion for Corporate Property Investors, a New i York City-based owner of mall prop-'erties. On Monday, Toronto-based TrizecHahn Development Co. announced it was selling 20 of its malls "to" the Rouse Co. of Maryland and 'Westfield America Inc.
of Los Angeles for $2.5 billion. Congel, who has five grown chil- LI WroJ LJ D) involved in the business, said also selling to head off infighting that often plagues family businesses, Congel, 63, said his family mem- Basic service charges are just $9.99 a month for the first three months. With free caller ID, free call waiting, free paging and voice mail service. All these services are free forever (of course, usage charges apply). And we make things easier by offering both Monthly and Prepay payment options.
No contract to sign. See why we're so confident? 'belrs, are close and he decided he neyer wanted to see business issues jeopardize that unity. After the sale, Jamily members will be free to pursue, other business interests, he said. Included in the sale are 24 pre mier malls located in New York and Massachusetts, including Pyramid's mall, The Carousel Center in, Syracuse. In Massachusetts, the malls to be sold are: Hampshire Mall in Hadley, Independence Mall in Kingston, Berkshire Mall in Lanes- -horo, Emerald Square Mall in North and Holyoke Mall at 00 BUY-OMNI FOR FREE DELIVERY Ingleside in Springfield.
The sale also includes seven pro posed malls that have received final 'or preliminary approvals, the com 'pany said. The only mall not included in the ale is the new Palisades Center in "West Nyack in Rockland County, which had its grand opemng Tues- day. I (tooitiiog if 1 where fivofeiblft, AfoctncaPariner, I 100 Digital. 0 Hassle: VL fs 0 A YV wwttornnipoirit com NEW ENGLAND AUTHORIZED RETAILERS Getting proof your tax return was filed on time CENTERS NATICK MAIL PHEASANT LANE MALL 118 NEWBURY STREET, BOSTON MA 1245 WORCESTER ROAD. NATICK MA 310 DANIEL WEBSTER HIGHWAY.
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