Popular N.J. mall approved to sell part of its property to pay down debt [Yahoo! Finance]
Shake Shack, Inc. Class A (SHAK)
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Source: Yahoo! Finance
The council voted unanimously to modify a 38-year-old financial agreement between the township and the mall owner that was put in place at the mall's inception in 1988. The agreement will allow Pacific Retail to sell off The Village, a lifestyle center that's separate from the enclosed mall. Bridgewater and the mall entered into the revenue sharing agreement because part of the mall was on property owned by the township, the township attorney said at the meeting Thursday night. The Village at Bridgewater Commons is a 94,000-square-foot, open-air shopping area that's adjacent to the mall. Its tenants include Maggiano's Little Italy, Cava, Shake Shack and a medical center. “The Village will no longer have any financial obligations under the original redevelopment agreement,” Township Attorney Christopher Corsini said during Thursday night's council meeting. “It is being transferred to the mall.” The only financial obligation The Village will have to the township is property t
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