The 634,181-sf mall is currently more than 25% vacant, says MikeRulli, the Coyote CEO. "We specialize in taking advantage of thesesituations in the secondary markets," Rulli tells GlobeSt.com. Thepurchase is the Dallas company's ninth acquisition, thoughaccording to its website, Coyote has sold seven of its formerproperties and is only holding/managing the 552,163-sf Temple Mallin Temple, TX.

Rulli says the company will embark on a more than $15-millioncapital improvement and expansion project at the mall. The firststep will be minor maintenance and repairs, the second will be toclean house and attract more national retailers and the third isexpansion, with plans for a cinema and the expansion of a fourthtenant. "We've already got great tenants in Macy's, Sears and JCPenney's, and we have room for 60 great stores," Rulli says. "Wealso want to take advantage of a great library space in the mall.We'll expand the library, and this area will become a hub foreducational 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, theproperty has lost some of its luster. "It's like most of thoseproperties in that age group, you either have to dedicate somecapital, or like a lot of them, it goes by the wayside," Rullisays.