Crabtree Valley Mall manager transfers property to new management company

RALEIGH, N.C. (WTVD) -- Crabtree Valley Mall manager Plaza Associates announced that it will end its contract with the mall in the spring.

Plaza Associates said a new management company, which it did not name, will take over daily mall operations.

Plaza Associates said it will have to lay off about 100 of its 4,500 employees in the next two months during the transition.

Plaza has managed the property since the mall opened in 1972. According to the release, Crabtree Valley Mall ranks within the top 11 percent of sales at U.S. malls. Every year, the mall makes more than $500 million.

"Plaza thanks its employees, tenants, vendors and the community for making Crabtree Valley Mall a premier regional destination," Plaza Associates said in the written statement. "The community's vital support since the day the mall opened in 1972 spurred the mall's growth and evolution. We look forward to seeing what the future holds for it."

SEE ALSO: Crabtree Valley Mall seeks permission to create 30-story mixed-use tower