Shopping mall developer Kimco has had a tough time with its planned office/retail project at 125th Street and Frederick Douglass Boulevard, only really getting going on the demolition of the site's previous building this past June after four years in stalled site purgatory. Just enough time for Kimco to get bored?the company is selling its stake in the project, for which it spent $30 million in 2007, to venture partner Sigfeld Group LLC. "Our partner expressed an interest in owning a bigger share and we expressed an interest in going home," Kimco's CEO says. And that's how the sausage gets made! [WSJ]
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