The head of a
Carl Verstandig, president and CEO of America's Realty LLC, says he has made an offer to
Verstandig said he would demolish most of the mall but keep anchors
Kimco formed a partnership last year with
Since the Baltimore County Council approved retail zoning for Foundry Row in August, Kimco and General Growth have not publicly said what their next steps for the mall would be. Spokesmen for the companies did not return requests for comment Tuesday.
Verstandig said he offered last week to buy the mall — either Kimco's stake only or the whole thing — for 15 percent more than anyone else offers. He said he has been interested in the property for about eight years and has previously offered to buy it.
"What attracts me to it is the road network and the infrastructure," said Verstandig, who once proposed buying the land surrounding
Greenberg Gibbons also has expressed interest in purchasing the site.
Verstandig thinks a shopping center anchored by a discount grocer would work best for the mall site, saying it could draw people from a 10- to 15-mile radius. Focusing on fashion retailers, he said, would be too similar to offerings elsewhere in the market.
Verstandig's company recently entered into a joint venture with Samuel K. Freshman, chairman of the Los Angeles real estate investment firm
America's Realty LLC specializes in acquiring failing properties. The firm owns about 200 shopping centers in 17 states, and is in the process of acquiring about 60 more centers, Verstandig said.
"We buy what everybody else doesn't want," he said. "We're like the junk dealer."
Its frequent tenants include Food Lion, Kroger, Save-A-Lot, Roses, Family Dollar and