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AMERICAN VALUATION GROUP, INC.
RETAINED FOR MAYFAIR MALL STORES
Lansdale, PA (February 26, 2010) - American Valuation Group, Inc. was retained to provide
appraisal services and expert witness testimony on the Macy’s and Boston Store department stores
at Mayfair Mall, a super-regional shopping mall located in the City of Wauwatosa (Milwaukee
metro), Wisconsin. The 1,110,000 square foot two-level, enclosed mall, which opened in 1958 and
was expanded/renovated in 1986, 1994 and 2001, is situated just north of I-94, along N. Mayfair
Road east of U.S. Route 45. Strategically located northwest of downtown Milwaukee, Mayfair Mall
is the largest mix-use shopping center in the state, boasting an 86-acre business complex that
includes four office buildings with over 1,400 employees. In addition to the two subject department
stores, Mayfair Mall is also anchored by an 18-screen AMC Theater.
Mayfair Mall has an impressive collection of stores and family-friendly features and is the
dominant mall in the state due to size, location and tenant mix. In addition to the anchor stores, the
mall has approximately 180 stores including Aéropostale, Banana Republic, Eddie Bauer, Forever
21, GAP, Hollister Co., Jos. A Bank, Rockport, Sephora, Talbots, Victoria’s Secret and Williams-
Sonoma. Macy’s is a three level store with 288,596 square feet. Boston Store is a three level store
with 210,714 square feet. Mayfair Mall is the preferred shopping and dining destination for many
upscale Milwaukee area customers. General Growth Properties, Inc., the nation’s second largest
shopping mall real estate investment trust, owns the mall and handles leasing and management.
American Valuation Group, Inc. has been retained for appraisal services and expert testimony
for a tax appeal litigation proceeding. “Separately valuing two of the anchors and the current
appropriate cap rate for these properties will be major issues in this case,” said Mark T. Kenney,
MAI, SRPA, MRICS, MBA, President of American Valuation Group, Inc. He added, “Tax assessors
are increasingly concerned about appropriate values for department stores given the current
recessionary environment and credit crisis.” Mr. Kenney is the author of “Business Enterprise
Value: The Debate Continues,” 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 our litigation 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