DeSoto Square Mall sold
BY: GULF COAST BUSINESS REVIEW
November 19, 2012
BRADENTON — An affiliate of Great Neck, N.Y., real estate firm Mason Asset Management has purchased Manatee County’s largest enclosed mall, DeSoto Square Mall, for $24.6 million.
The price equated to $36 per square foot.
Elliot Nassim of Mason Asset Management confirmed the purchase, but did not reply to additional questions prior to deadline. The firm is known in local real estate circles as an opportunistic buyer, who targets undervalued properties to improve them.
Built in 1973 and last renovated in 1996, the 678,377-square-foot mall has faced troubles of late both from a shifting retail marketplace away from enclosed malls to big boxes and from the loss of one of its four main anchors, Dillard’s. The center was 75.5% occupied (165,553 square feet vacant) at the time of the sale, a figure heavily influenced by the 100,151-square-foot vacant anchor space. Its other anchors are Macy’s, JCPenney and Sears, whose building is separately owned and was not included in the sale.
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