Eastbourne, which specializes in value-added developments and redevelopments of anchored retail properties, paid around $14 million for the mall, which was 80% occupied at time of closing.
"The property is underutilized, and highly distressed," Egan tells GlobeSt.com. "It's an enclosed mall, sitting on a very strategic location, that probably needs to be de-malled over time."
The location, Egan adds, is in a trade area lacking in retail space.
Mike O'Connell of Kessinger/Hunter & Co. brokered the sale. Pam Berneking of Gold Bank handled the financing of the deal. Both firms are based in Kansas City.
Eastbourne now owns 13 properties in six states, but is searching for more redevelopment or development opportunities in the US, Egan says.
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