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Secondary Market Mall Trades for Twice 2007 Price

MIAMI—“It is an extremely well located property and the seller, who acquired it from a lender in 2013, was able to increase occupancy with several very successful tenants catering to the immediate community.”

“It is an extremely well located property and the seller, who acquired it from a lender in 2013, was able to increase occupancy with several very successful tenants catering to the immediate community." “It is an extremely well located property and the seller, who acquired it from a lender in 2013, was able to increase occupancy with several very successful tenants catering to the immediate community.”

MIAMI—The Oveido Mall, a 554,973- square-foot retail property in a suburb of Orlando, has traded hands. The sale price: $15.3 million.

To be sure, Oveido Mall is not at the top of the mall occupancy world. The shopping center has plenty of vacancy. But the buyer, a group headed by Mehmet Ilbak of Los Angeles that acquired the mall, saw a value-add opportunity and seems to have transformation in mind.

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Jennifer LeClaire

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