A New York firm bought Desoto Square Mall, Manatee County's long-neglected mall that has been losing tenants for years.
The former Simon property had been rumored to be in negotiations for sale since last spring. The Gulf Coast Business Review reported today that an affiliate of Great Neck, N.Y., real estate firm Mason Asset Management has purchased the mall, for $24.6 million or about $36 per square foot.
The company is known for rehabilitating retail centers, according to a report from the Bradenton Herald. So now the 678,377-square-foot mall, currently anchored by Macy's, J.C. Penney and Sears, could be in for a major overhaul.
Burdened by debt Simon Properties, which bought the mall in the mid 1990s and completed the last renovation in 1996, couldn't afford much needed renovations, according to a report from the Herald-Tribune. Retail experts say the new developer may consider converting the mall into a discount or outlet retail center.