Valley View Has a New Owner. So, Now What?

Perhaps you saw: Valley View Center has a new owner now, Miami-based LNR Property Corporation -- well, actually, its subsidiary LNR Partners, the very same company trying to sell off the former First National on Elm Street downtown, amongst other local real estate. Dallas County deed records show LNR took Valley View from Arizona-based Macerich, which had a $125-mil note due in 2011, on July 13 -- just a few weeks after I couldn't get anyone from Macerich on the phone to discuss the beleaguered, empty mall with which I got reacquainted back in late December. Back then, the only thing I got from the company was a vague response from a company spokeperson: "We plan to take our time to meet market demand."

I called LNR's Miami HQ this morning and left a messages for a few folks, among them a media rep and its CFO (a UT-Austin grad, hook 'em) and the downtown attorney who handled the paperwork. This morning's story doesn't say what LNR intends to do with Valley View -- sell it for the meat, maybe? Thought I'd ask. In the meantime, we'll always have Sound Town, eh, Roger Daltrey?

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