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LAKE WORTH, FL-Innovo Group Inc. has sold the Good Deal Mall for $1.175 million or about $36.72 a sf to D&D Co., a Florida company.

The publicly traded Knoxville, TN-based holding company announced in a shareholder’s reported the sale price on the 32,000-sf mall but identified the buyer only as an independent third party.

However, Palm Beach County property records show the designer and marketer of fashion, sports-licensed and craft products sold the property to D&D Co. Those records also show that Innovo acquired the property in the mid-1990s for about $1.5 million or about $46.88 a sf.

Innovo shareholder’s reports show that the company opened the site in 1997 but closed the facility a few months later following several lease terminations.

Originally acquiring the site as a retail outlet for its products, the Tennessee company now says neither the property nor the retail concept is consistent with a new business model that focuses on the company’s sales and marketing strengths.

In the most recent shareholder’s report, the company says it extinguished $657,000 in debt on the property and would realize a small book gain after paying sales commissions, closing fees and property taxes.

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