New Galleria owner taking stock
Dallas-based JTL Capital sets sights on adding tenants

July 29 2003
By Sula Pettibon The Herald

New owners of the Rock Hill Galleria are still learning the local market and don't yet know what they'll snag for the empty Phar-Mor space in the rear of the mall.

"We're just shopping around," said Brucker Stensrud, an associate with JTL Capital of Dallas, parent company of the subsidiary that bought the 650,000-square-foot Galleria off Dave Lyle Boulevard last week. "It's so early in the going, who knows."

Officials with JTL Capital were to be in Rock Hill today to meet with Nancy Reitz, mall manager; and representatives from Zamias Services, which will continue to manage the mall and is a sister company to George D. Zamias Developer, who built the Galleria in 1991.

The JTL Capital representatives hope to use the time to get a better feel for Rock Hill and what might fit at the Galleria, which is 87 percent occupied, Stensrud said.

"It's the centerpiece of all the retail activity," he said. "We're going to do our best to add tenants."
The 4-year-old private, real estate and investment firm was attracted to the Galleria because it is well constructed, attractive and fairly new, Stensrud said.

"It's such a strong property," he said. "We think we can come in and add a little value."

The company, which at one time owned the 867,000-square-foot Richland Mall in Columbia, develops mixed-use projects, office buildings and condominiums and has a "buy-and-enhance strategy," according to its Web site.

In addition to the Galleria, the company's only other shopping center is the 795,201-square-foot Bassett Center in El Paso, Texas. It also owns Signature Place in Greensboro, N.C., a four-story office with an atrium.

"We like smaller markets," Stensrud said, adding they often partner with other companies and investors.

Principals are David A. Lane, who founded the company; and Mark J. Sullivan, who has 25 years of experience in commercial and single- and multifamily development, the Web site said.

JTL Capital is the successor to Barnett Lane Investments, which was formed in 1993. Since then, affiliates of both companies have funded more than 100 real estate transactions in 17 states, the Web site said.

The Galleria is anchored by Belk, Sears, JCPenney and Goody's. Phar-Mor closed in 1992. The Super Wal-Mart on the 80-acre site was not included in the sale.

Contact Sula Pettibon at 329-4033 or spettibon@heraldonline.com.