Sundown Plaza Mall has been bought for greater than $9 million by a Florida growth firm.
The mall was not too long ago purchased by the event group North Kings Freeway LLC of Lakewood Park, Florida. The Florida group purchased the property from Brookwood Capital Advisors at an public sale final yr.
Ben Hamd, a managing director for Brookwood Capital Advisors, mentioned he didn’t anticipate a lot to vary with the mall immediately. However with new homeowners of Sundown Plaza, that opens up the chance for extra renovations to be performed to the property.
“They’re going to complete out the entire mission that we began,” Hamd mentioned about North Kings Freeway.
Brookwood Capital Advisors purchased the property from Wells Fargo Financial institution final July, with the intention to redevelop the property.
Whereas minimal adjustments have been made to the property construction-wise, Brookwood was in a position to financially flip the property by leasing out vacant areas to native companies.
Among the many new companies that joined Sundown Plaza Mall in 2021 have been Wisper Skate Store and Watecha Bowl.
The companies that already existed within the mall additionally benefited from the brand new possession final yr. Most of the pre-existing shops signed prolonged leases with Brookwood Capital Advisors.
Renegade, an area western attire retailer, was a type of shops that signed an prolonged lease.
“We believed in the place they have been headed with their plan, and the potential new homeowners, so we not too long ago signed a five-year extension to our lease,” mentioned Troy Weyhrich, the proprietor of Renegade.
Renegade opened up a customized attire and embroidery retailer contained in the mall after Brookwood purchased the property.
Weyhrich mentioned the previous six months have been good for his enterprise, and he had been in a position to preserve a full employees regardless of the workforce scarcity.
“Our enterprise, our gross sales enterprise has been unbelievable, particularly within the final six months of final yr. In order that’s been excellent,” Weyhrich mentioned.
In line with Weyhrich, Brookwood’s intention wasn’t to maintain the property for lengthy.
“They purchased it simply with the intention of attempting to do a couple of enhancements, attempting to elongate some leases, after which promote it to an individual who was going to maintain it for some time.”
Weyhrich mentioned that he’s optimistic concerning the new homeowners and their plans for the mall.
“The property had sort of fallen into some unwell restore, and it wanted some consideration,” Weyhrich mentioned. “We’re hoping now that the brand new homeowners will make some enhancements and, general, return it to what it may very well be.”