About a third of metro Atlanta’s 17 malls are struggling, while another third thrives. The health of the area’s malls, in decline for years, is important because shopping is a huge draw for metro Atlanta’s $12 billion hospitality industry. Visitors to the area spent more than $1.7 billion in 2012, according to the Atlanta Convention and Visitors Bureau.
Vintage has purchased other malls in Boston, Oregon and California, the company said, and is adding a Burlington Coat Factory, a Hobby Lobby and a Fresh Market to its various properties. The company intends to acquire three to four malls or shopping centers each year. This is its first in Georgia. The terms of this deal were not disclosed.
Vintage said it has a “proven track record of turning around troubled shopping centers” and plans to make “significant” physical renovations to Southlake, which opened in 1976.