MIAMI—Evidence that there are still steals on the market, UP Development just snapped up oldest major shopping mall in Central Florida for pennies on the dollar of its decade-ago value. UP bought the mall from Pennsylvania Real Estate Investment Trust (PREIT) for $35 million. PREIT paid $123 million for the mall in 2004.

Jim McNeil and Jeff Weiland, shareholders in Akerman Senterifft‘s Real Estate Practice Group, represented UP Development. UP paid cash for the 1.1 million-square-foot mall, which is anchored by Dillard’s, JC Penney, Macy’s, and Sears. The site also includes restaurants such as Panera Bread and Olive Garden and the region’s only all-digital movie theatre.

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