(Save the date: RealShare Industrial 2012 comes to The Bankers Club, Miami, December 5 - 6.)
TAMPA, FL—Seminole Mall has a new owner. After three years of negotiations with the lender, Downtown Seminole LLC sold the shopping mall for $14.6 million in a short sale. The mall is 37 years old.
Frank A. Boullosa of FAB Properties—and director of lender services for Ross Realty—brokered the short sale for Downtown Seminole. Seminole Mall LP, an investment group led by North American Development Group, bought the 37-acre shopping mall in Pinellas County.
Boullosa tells GlobeSt.com the size—425,000 square feet on 39 acres—and the location of the mall in the most densely populated county in Florida sparked interest from some of the biggest developers and retail operators in the country. Negotiations with the ultimate buyer lasted about six months.
“The two biggest challenges were the overall economic uncertainty that has plagued retailers over the past several years, along with the complicated and cumbersome process of the special servicer of the underlying CMBS loan,” Boullosa says. “In the end, buyer, seller, and lender got a fair price given that it was broadly marketed over a long period.”
Downtown Seminole acquired the mall in 2006 for $37.5 million. The new owner is a long-term player and has no immediate plans to redevelop the mall. Ross, Bealls, Bealls Outlet, SteinMart, CVS, and Radio Shack anchor Seminole Mall. North American Development Group is on a retail shopping spree across the U.S, acquiring or planning to develop more than 3 million square feet in the past two years.
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