Will Countryside Mall Be Redeveloped?

The owner of Countryside Mall and five other Florida malls has a new partner, a signal that its portfolio of shopping centers may be redeveloped, analysts say.

The Sarasota Herald Tribune reports that the Westfield Group, which owns Countryside, has formed a joint venture with a New York investment company called O'Connor Capital Partners.

The joint venture suggests that the mall owner may be lining up investors for redeveloping and improving its Florida properties.

The partnership shows confidence in the Florida malls and economy.

“This is good news," analyst Jeff Green told the Herald Tribune, which reported that:

The announcement of the sale means that a plan or proposal has been put in place for the future of these properties, said Howard Davidowitz, chairman of Davidowitz & Associates, a New York-based retail and investment firm.

O'Connor will now have a 49.9 percent stake in six Florida malls, including Countryside.

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