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AMERICAN VALUATION GROUP, INC. RETAINED FOR RIDGEDALE MALL
Lansdale, PA (May 12, 2008) - American Valuation Group, Inc. was recently engaged by the
Hennepin County Attorney’s Office to appraise the Ridgedale Mall, a super-regional shopping mall
located in Minnetonka (Minneapolis metro area), Minnesota. The 1,040,000 square foot two-level
enclosed mall, which opened in 1974 and was renovated in 2000 and 2007, is the strongest regional
center on the affluent west side of Minneapolis-St. Paul and is conveniently located off I-394 and
Ridgedale Drive. Ridgedale Center is anchored by the market's leading department store Macy's,
which offers the biggest “Oval Room” (designer area) of all Twin Cities suburban stores and is often
the first store in the market to receive new, exclusive items.
Ridgedale Mall has an impressive collection of stores and family-friendly features all in an
upscale, newly renovated setting. Anchored by Macy’s Women and Children, Macy’s Men’s and
Home, JCPenney and Sears, the mall has over 140 specialty stores including Abercrombie & Fitch,
Aldo, Ann Taylor, bebe, Build-A-Bear Workshop, Club Libby Lu, Coach, dELIA's, Eddie Bauer,
Finish Line, Helly Hansen, Jamba Juice, Love Sac, Origami Sushi and Sephora. General Growth
Properties, the second largest shopping mall REIT in the nation, owns the mall, and handles leasing
and management.
American Valuation Group, Inc. has been retained for appraisal and expert court testimony
for assessment purposes in a four-year litigation proceeding. “The issue of recent renovation and
the possible existence of business value at this property will be the major issues in this case,” said
Mark T. Kenney, MAI, SRPA, MBA, President of American Valuation Group, Inc. He added, “Tax
assessors are increasingly concerned about appropriate values for malls given the recent low interest
rate environment and the current credit crunch.”
Mr. Kenney is the author of “Does Shopping Mall
Development Create Business Value?”, and other shopping mall articles that appeared in The
Appraisal Journal, a leading industry journal published by the Appraisal Institute.
American Valuation Group, Inc. is a leader in the appraisal of shopping malls and shopping
centers, and specializes in property tax appraisal and litigation support for assessors nationwide. For
information about appraisal support services, contact Mark Kenney at (215) 855-1800 or visit our web site at www.ameri-val.com.
207 Abbey Lane
Lansdale, PA 19446Ph: 215.855.1800
Fax: 215.855.1782 Email: mkenney@ameri-val.com