WORTHINGTON, OH-A venture oflocally-based Real Estate Development Advisors and Fort Worth,TX-based Morris Capital Partners is under contract to purchase the170,000-square-foot Worthington Square Mall. The property wasforeclosed in 2008 by lender General Electric CreditEquities.
The property is 50% leased, with tenants that include Talbot’s,Chico’s and Joseph A. Bank. A Kroger Fresh Fare, self-owned, isnext door to the mall.
A plan to add density with condos failed after the economy wentsideways, says Bill Morris, principal with the self-named firm.Columbus Retail Inc. Couldn’t service the debt after moving outtenants, and had to return the property to GE, Morris says.
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