ALTON, IL- A partnership between Coyote Management and Torreonbridge National Investments LLC, dubbed Coyote Alton Mall LP, has purchased Alton Square Mall from Simon Property Group. Coyote officials would not give an exact figure of the purchase price of the 29-year-old mall, only to say that it was “more than $15 million.”

The 634,181-sf mall is currently more than 25% vacant, says Mike Rulli, the Coyote CEO. “We specialize in taking advantage of these situations in the secondary markets,” Rulli tells GlobeSt.com. The purchase is the Dallas company’s ninth acquisition, though according to its website, Coyote has sold seven of its former properties and is only holding/managing the 552,163-sf Temple Mall in Temple, TX.

Rulli says the company will embark on a more than $15-million capital improvement and expansion project at the mall. The first step will be minor maintenance and repairs, the second will be to clean house and attract more national retailers and the third is expansion, with plans for a cinema and the expansion of a fourth tenant. “We’ve already got great tenants in Macy’s, Sears and JC Penney’s, and we have room for 60 great stores,” Rulli says. “We also want to take advantage of a great library space in the mall. We’ll expand the library, and this area will become a hub for educational programs. It will just about be a fourth anchor.”

He says he remembers the mall from his early days in retail, when it had been owned by May Department Stores. Since then, the property has lost some of its luster. “It’s like most of those properties in that age group, you either have to dedicate some capital, or like a lot of them, it goes by the wayside,” Rulli says.

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