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RICHMOND, IN-Bayview Financial has sold the 300,759-sf Richmond Square enclosed mall here for $23.5 million. The property is currently 97% leased. Richmond Square is located at 3801 National Rd. East. It was originally constructed in 1966 by DeBartolo Development and renovated in 1997 to incorporate a Dillard’s department store that was not included in the sale. Sears, JCPenney and Office Max are the anchor tenants. Other tenants include Aeropostle, American Eagle, Finish Line, Journey, Victoria’s Secret and PacSun. The average in-line tenant sales for the mall exceeded $268 per sf in 2003.Coral Gables, FL-based Bayview acquired the property in January 2003 from Simon Property Group as part of a portfolio. Simon came to own the property through its 1996 merger with DeBartolo Realty Corp. Rob Oppenheim, managing director of Bayview Financial Real Estate Investment Group, tells GlobeSt.com that is has been his plan to sell the asset ever since it was acquired. “Our business is acquiring and turning around malls and (Richmond Square) was fairly stable when we bought it,” he says. “It was a non-strategic acquisition.”The buyer is a private investor from Indiana, according to Encino, CA-based Marcus & Millichap Real Estate Investment Brokerage Co., which handled both sides of the transaction. According to country records, the buyer is IPA Richmond Square Ltd., of Indianapolis. Michael Dillon, a senior retail investment broker in M&M’s Chicago office, had the disposition assignment.

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