Extreme makeover

Park Lane Mall, once Reno's shining star, had become a dowdy matron approaching 40. But a new suitor has come courting, M&H Realty Partners of San Francisco.

"It's right in the middle of town; that's what attracted us in the first place," says Peter Merlone, president of M&H Realty, of the 45-acre property.

M&H had purchased several properties from the prior owner, Macerich Co. of Santa Monica, Calif., says Merlone. He declined to release the purchase price.

"All we do is buy busted shopping centers, primarily in California," says Merlone.

That is, centers with obsolete design or significant vacancies. Some were remodeled and others torn down and rebuilt, he says. All remained retail.

"We've done 50-odd projects and have successfully remained below the radar screen."

That includes refurbishing seven or eight older dysfunctional regional malls.

But it's too early to say what form the Park Lane Mall makeover will take.

"Everyone needs to be patient for 12 to 18 months, until renovation begins," says Merlone.

The new owners are in the early stages of discussion with mall tenants.

"We will work with them within the context of existing leases," says Merlone.

Retail tenants at Park Lane Mall sign one-year leases. And the mall reserves the right to evict a tenant on 30 days notice. Melissa Freeman, property manager, says she recruited many of the specialty shops that filled the mall with the small businesses that give Park Lane Mall its unique flavor.