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Midtown Plaza

California firm to buy
Midtown Plaza

McCurdy & Co. Inc. is selling Midtown Plaza to a California-based real estate firm.
The impending sale of the downtown Rochester mall and office complex was announced today by the Chicago-based LaSalle Partners Inc., which will manage the property for the buyer, Arnold Industries of Tustin, Calif.
LaSalle Partners spokeswoman Lisa Wilcox said the sale is slated to close tomorrow.
Terms were not disclosed.
An owner of office and mixed-use commercial properties in a variety of major and middle-market U.S. cities, Arnold Industries has been investigating the Midtown purchase for roughly a year, Wilcox said.
LaSalle is publicly owned corporate real estate services firm with 10 U.S. and four foreign offices. Wilcox described the company as a full-service-management provider for third-party owners that runs 400 office, retail and industrial sites. The firm is tipped most heavily to office and mixed-use sites, she said.
Built in 1962 by McCurdy & Co., Midtown Plaza was the first enclosed downtown mall in the United States. In its day the plaza was considered something of a wonder, but of late the retail portion has suffered with the decline of downtown shopping.
Midtown suffered its worst blows with the closing of the B. Forman & Co. and McCurdy’s department stores several years ago after McCurdy & Co. sold its locally based department store chain to out-of-town owners.
Arnold Industries president Peter Arnold said his firm would work closely with LaSalle Partners to reposition the 1.3 million-square-foot Midtown Plaza complex.
Wilcox said LaSalle is still assessing Midtown and has yet to devise specific plans concerning the property.
Angelo Chiarella, president of Midtown Holdings Corp., which has run the plaza for McCurdy & Co. since it was built, will continue at Midtown, working with Arnold Industries, she said.
Chiarella said any discussion of future plans for Midtown now would be “premature.”

California firm to buy
Midtown Plaza

McCurdy & Co. Inc. is selling Midtown Plaza to a California-based real estate firm.
The impending sale of the downtown Rochester mall and office complex was announced today by the Chicago-based LaSalle Partners Inc., which will manage the property for the buyer, Arnold Industries of Tustin, Calif.
LaSalle Partners spokeswoman Lisa Wilcox said the sale is slated to close tomorrow.
Terms were not disclosed.
An owner of office and mixed-use commercial properties in a variety of major and middle-market U.S.

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