The following are recent excerpts from The South Portlander, the daily blog devoted to South Portland by reporter Linda Hersey. Find it on www.keepmecurrent.com.

Saturday, April 19

Maine Mall owner seeks to offset debt

Maine Mall owner General Growth Properties is seeking investors to partner with and help reduce $18 billion in debt that needs to be paid off in the next four years.

The Wall Street Journal reported this week that GGP – the nation’s second-largest mall developer – is shopping its portfolio of shopping malls to potential joint partners.

The Chicago-based company owns 200 malls, including the South Portland shopping center.

The mall developer is apparently offering investors a stake in some of its more lucrative shopping malls, as a strategy for paying off its debt.

The company also may consider mortgaging some of its shopping malls and selling off some office buildings it owns, the Journal reports.

Aside from debt problems, the article notes that GGP’s malls overall are healthy, averaging a 93 percent occupancy rate.

General Growth bought the Maine Mall in 2003 for $270 million. The South Portland shopping center is a regional retail hub, drawing shoppers from Maine and New Hampshire.

But a slowdown in consumer spending has hurt malls across the nation. GGP recently announced that it was halting a major expansion of the Maine Mall that would have included a movie theater and restaurants.

Wednesday, April 16

SoPo Homes Holding Their Values

South Portland’s tax assessments of residential properties are on target, even though there has been a slowdown in the real estate market.

That is the message Tax Assessor Elizabeth Sawyer delivered to the City Council this week, at the request of Mayor Jim Soule, who inquired whether homes need to be revalued because of the downturn in the housing market.

Sawyer said her data shows that the city’s valuations are at a median of 96 percent of actual sales prices.

She noted in her talk that the number of homes sold from December 2007-March 2008 was down from the same period the year before. But median sales remained “relatively constant.”

Here are other highlights of her talk:

Some condominium projects may not be holding their value as well as single family homes and may require adjustments in assessed valuations.

Properties on and near the coast are holding their values better than other properties.

Sales from late 2007 through February 2008 indicate a higher number of foreclosures in the city.

Assessed values of commercial properties are close to the sales prices. At the same time, there isn’t a great deal of market activity.

Anecdotal evidence suggests that the pace of home sales may be increasing.

Tuesday, April 15

SoPo Apartment Complex Sold for $7 Million

Port Property Management, which bills itself as the largest private landlord in Portland, has just purchased the Mill Company Apartments on Margaret Street, on SoPo’s east side.

Port Property paid $7 million to purchase the waterfront apartments from Home Properties, a nationwide real estate trust. Home Properties had owned the 95-unit complex, located in a residential neighborhood, for 10 years.

GlobeSt.com, an online real estate news service, reports that Port Property will be making improvements to the apartments, which include installing new kitchens and bathrooms. The two-story apartment buildings were originally built in 1943 and are on 3.4 acres, near the city’s greenbelt, with a view of Portland Harbor.

Linens ‘n Things Veers Toward Bankruptcy

The home furnishings chain Linens ‘n Things, which has a store at the Maine Mall, is struggling to stay out of bankruptcy, the New York Times reports.

The company, which has 500 stores across the nation, is reportedly working with creditors to try to renegotiate its debt.

All its stores, including in Maine, continue to operate.

Linens ‘n Things is owned by Apollo Management, a private equity firm. It is considered an anchor store at the Maine Mall.

Apollo also owns Claire’s, the popular jewelry and accessories store for tweens.

A slowdown in consumer spending and less available credit is hitting retailers and shopping centers hard across the nation. The Maine Mall appears to be no exception.

The company recently announced plans that it was halting a major expansion that would have added a movie theater and new restaurants at the shopping center.

Retailers are also facing challenges as consumers spend a larger portion of their earnings on groceries, heating fuel and gasoline at the pump.

Analysts are predicting that national retail chains, such as Ann Taylor, will close many of their stores at suburban malls across the U.S.

According to media reports, the International Council of Shopping Centers projects there will be 5,770 store closings this year, up 25 percent from 2007.

Friday, April 11

Several Retail Shops Opening in SoPo

In the ever-shifting landscape of commercial development in South Portland, there are a slew of new businesses about to open.

In the Maine Mall area, a Verizon Wireless retail shop will soon open at 365 Gorham Road, where Lone Star Steakhouse used to operate.

Verizon currently has a shop inside Maine Mall, near JC Penney. No word if the company plans to close the mall shop when it opens the retail phone store across the road.

At 740 Broadway, a new shopping plaza at the Newick’s restaurant site is practically built. Several tenants have signed leases and expect to open soon.

They include Super Cuts hair salon, Freaky Bean Coffee, New England Couture Cakes, the Nail Company salon and Tuxedos on Broadway, which is planning an early opening to meet demands for the prom season.

The shopping plaza still does not have an anchor tenant, though there have been rumors that a locally owned to-go restaurant/market is interested in locating there.

Thursday, April 10

Will Maine Shoppers Get a Bite of Apple (Computer)?

Apple Computer does not confirm sites for its retail stores until days before the grand opening. But a national Web site that follows Apple’s retail expansion and local job postings show that one of the popular computer stores is planned for Maine Mall.

According to the Web site, ifo Apple Store, a computer shop will open toward the end of 2008. Job listings were just posted this month.

Mall owner General Growth Properties apparently started negotiating with Apple in 2006 to open a store at the state’s largest shopping center. Maine Mall officials did not respond to an e-mail I sent asking whether an Apple store was going to locate at the SoPo shopping center.

Apple opened its first pair of retail stores in 2001, and now has more than 200 worldwide.