Printer friendly PDF versionFOR IMMEDIATE RELEASE
AMERICAN VALUATION GROUP, INC. RETAINED FOR LANDMARK MALL
Lansdale, PA (March 8, 2011) - American Valuation Group, Inc. was retained to provide appraisal
services and expert witness testimony on the Landmark Mall, a super-regional shopping mall located
in the City of Alexandria (Washington D.C. metro), Virginia. The 969,000 square foot two- and part
three-level enclosed mall opened in 1965 and was expanded/renovated in 1990. Strategically located
southwest of Washington D.C., and just north of I-495/Capital Beltway, the mall provides easy
access to shoppers living in northern Virginia’s southwest suburbs as well as the metro area’s major
employment centers. Combined traffic on I-395, Van Dorn Street and Duke Street bring over
260,000 cars past the center each day. Landmark Mall is anchored by Macy’s and Sears.
Landmark Mall has a large collection of stores and once was the dominant mall in its trade
area due to size, location and tenant mix. In addition to the anchor stores, the mall has
approximately 90 stores including Bath & Body Works, Claire’s, Foot Locker, GNC, Kay Jewelers,
Pearle Express, Radio Shack, and Victoria’s Secret. The Howard Hughes Corporation, a spinoff of
General Growth Properties, Inc. after emerging from bankruptcy, now owns the mall. Following a
planned re-zoning effort that allows for the development of up to 5.5 million square feet, Landmark
Mall has the potential to be developed into a dynamic destination for shopping, dining, working,
entertainment and living.
American Valuation Group, Inc. has been retained for appraisal services and expert testimony
for a two-year tax appeal litigation proceeding. “Evaluating highest and best use and the appropriate
cap rate for this property 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 require
guidance regarding appropriate values for distressed mall properties given the uncertainty involved
with mall redevelopment and the credit crisis.” 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 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