News
C&W Brokers Mall Sale
July 14, 2010
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| The 1M SF Charlestowne Mall (with a special servicer for several years) sold for an undisclosed amount to a California ownership group led by Bobby Montayne and Alan Wong. There was a 50% vacancy rate among non-anchor tenants, said Cushman's Ken Szady, who made the sale along with Jim Carpenter and the Dallas Capital Markets Group led by Stephannie Mower, with Tom Salanty and Brandon Beeson. Ken says the mall is physically in good condition but lost a lot of tenants who wanted street-front space along Randall Road as the corridor grew. The new investors have revitalized several distressed malls along the West Coast, so we expect the same here, even down to the earthquake reinforcements. |
