357,142-SF Mall in Columbus Trades for $17M

COLUMBUS, IN-The 357,142-sf Fair Oaks Mall in Columbus, IN has traded hands for $17 million. The mall was built in 1990 and is anchored by Big Kmart, Elder-Beerman department store, J.C. Penney and Goody’s clothing store, all of which were included in the transaction. The mall was approximately 89% leased at the time of sale.

The seller was the original developer, Schostak Brothers & Co. of Southfield, MI. The buyer was a New York-based private investor. Kahlil Kenneth Barnard and Paul Kerber, senior brokers in Marcus & Millichap’s National Retail Group, represented the seller and prospected the buyer.