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Friday, 18 April 2014 14:35

New mall owner excited about opportunity

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Hermitage, Pennsylvania, is one of the places in the United States where the handiwork of Purnachander Sirikonda and his group of investors can be seen.

It is there, in a city of nearly 17,000 people, the new owner of Becker Village Mall, a pediatrician with four clinics in New Jersey, and his partners brought the Shenango Valley Mall from 60 percent occupancy to 100 percent occupancy.

“I'm very excited,” Sirikonda said today at Becker Village Mall. “It's a beautiful community.The people are nice and friendly here. We've walked around and have been welcomed.”

The pediatrician and his group of investors have been involved in the revival of malls mainly in the central part of the country, including Fort Wayne, Chicago and the mall in Hermitage.

After coming to America with only $20 and a medical degree from his native India, he built up a successful network of clinics, which is something he may explore doing in Roanoke Rapids.

Assembling a group of investors to revive malls came on the coattails of his success in the medical field for further investment opportunities, his version of the American dream which he sees as coming from ambition, hard work and having a vision. “I want to leave a legacy for my kids,” he said.

He and his wife Anu have two boys, one in the tenth grade and another who is studying business at Babson College.

The group's shopping center investments reach into Kansas City and Atlanta, but Hermitage is probably most similar to Roanoke Rapids. “It's a small city and the only other shopping opportunities are about 30 miles away. There's really no other mall out there.”

In studying the Becker Village Mall opportunity, Sirikonda took into consideration the outlying areas and the fact many people here travel to either Rocky Mount or Petersburg to shop. “It was just a matter of the economy. There are definite signs of recovery.”

The biggest part of reviving Becker Village Mall is recruiting another anchor tenant and making renovations. “Another anchor tenant and everything starts there.”

He likes the fact that J.C. Penney continues to stay. “That's very important.”

Enterprise, a car rental company on mall property, has renewed its lease through 2023. “JustSave is doing extremely well.”

Everything will be done in phases, with roof work coming first. “This is a definite opportunity.”

Said his wife, “Bringing jobs is the most important factor.”

The mall concept continues to work well, he said. “For most people, indoor malls are more secure and safe. It's putting people together in one place.”

 

 

 

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