Moonbeam Capital Partners, which purchased the interior portion of Cortana Mall earlier this year, has bought the former Mervyn’s building, the mall’s northwest anchor.
The building was owned by Klaff Realty, of Chicago, but Moonbeam and property manager The Woodmont Co. believe the anchor store could play an important role in revitalizing the mall.
Woodmont, which was marketing the two-story Mervyn’s building for Klaff, said earlier this year that it sees the space as a potential movie theater.
Shawl Pryor Sr., Moonbeam’s senior vice president and director of leasing and management, said that and other options are still on the table.
“We’re thinking along the same lines, however we’ve had a number of national retailers who have expressed interest,” he said. “At this point, it is somewhat of a moving target, but we know it is important to the owner (Moonbeam principal Steven Maksin) to have control of that building.”
Pryor could not say what Moonbeam paid for the roughly 81,000-square-foot building, but Woodmont’s site listed the asking price at $980,000.
Moonbeam, a rapidly growing Las Vegas firm that scoops up distressed properties it believes are undervalued, paid $6 million earlier this year for the 350,000-square-foot interior portion of Cortana.
Activity in the interior portion of the mall dwindled in the years prior to 2011, when a bank took over the mall from previous owner Mall Properties Inc. Occupancy is between 50 percent and 60 percent, but Moonbeam and Woodmont say they are confident they can revive the mall as a retail destination.
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