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CINCINNATI-Mills Corp. has sold the Cincinnati Mills to investors led by Whichard Real Estate for an undisclosed price. The 1.5-million-square-foot mall shopping center has been renamed Cincinnati Mall to reflect the changing ownership.

“What we purchased is a mall that is well located geographically, easily accessible, attractive and comfortable, well maintained, and perhaps most important, anchored by destination retailers who remain committed to the mall, along with many specialty retailers and food and entertainment outlets,” says Kenneth Whichard, asset manager.

Whichard Real Estate executives declined to comment on the purchase price of the mall, as well as the current occupancy rate and lease rate.

Whichard tells GlobeSt.com the company was interested in the facility because it, “is well located geographically and easily accessible. Since it was renovated in 2004, it is a highly attractive asset, comfortable and well maintained. It is arguably the most physically attractive retail center in the Cincinnati market.”

To fill the mall, which is anchored by several destination retailers, Whichard is considering some non-traditional uses for the space. “We envision the property’s future, however, as a blend of retail and non-traditional uses,” Whichard tells GlobeSt.com. “We have considered condominiumizing portions of the property and are in early discussions with potential users who have expressed interest in this form of investment in the site.”

To move forward with this new approach to leasing retail space, Whichard says, “We have identified specific users we are approaching but are also open to users who either find the location and access of the property to be advantageous to their needs, and/or have an employee or customer base that could benefit from the close proximity to Cincinnati Mall’s selection of shopping, dining and entertainment.”

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