The mall was acquired by Dundas Real Estate Investments, said broker Philippe Lamay. exploreVenango.com.
Lamay, who owns and operates the brokerage firm tasked with overseeing the mall’s purchase, said the sale hasn’t officially closed, so the final sale price could change until then.
LaMay also said it is not permitted to disclose financial figures to third parties without the consent of the buyer and seller.
Regardless of the price, LaMay believes that the buyer, Dundas Real Estate Investment, is an excellent fit for the property.
“(Dundas) has turned assets like this around in the past, so I think they will at least bring in the right resources to put in a good effort,” Lamay said. “It’s a tough market, but it’s not without improvement. There aren’t many new tenants.
Dundas came out after LaMay’s firm and Ten-X reached out to potential buyers interested in properties like Cranberry Mall.
“We have reached out to a number of people who own similar[real estate]or are seeking larger retail or mixed-use properties,” LaMay said. Along the way, Ten-X is blowing up the process from a marketing perspective, as they reach out to specific buyer profiles who are actively buying assets like this in the tertiary market.”
Tertiary markets are smaller metropolitan areas that are not large enough to be primary or secondary markets.
The mall was again put up for sale on LoopNet at a price of $3.5 million before Los Angeles-based Oakwood Management Group listed the property. Available at Ten-Xa real estate auction site.
The auction is scheduled from October 31 to November 3, 2022, with an opening price of $1.3 million.
According to Ten-X’s listing, the mall has an occupancy rate of 43.4%, with Dunham’s Sports, Ollie’s Bargain Outlet and Movies at Cranberry listed as anchor tenants. A closer look at the listing reveals that 27 of the mall’s 92 units are vacant. This includes a 45,050 sq ft unit formerly The Bon-Ton and a 33,845 sq ft unit formerly JCPenney. The 86,567-square-foot space that was once Sears is shown occupied, but current tenant Venango County Co-Op has room for additional vendors.
In recent months, tenants have left the Cranberry Mall due to rising rents and being mistreated by Oakwood Management Group when they demanded retroactively higher rates to extend their leases. How many people are there? Patty Ace said she was evicted with just two days’ notice if they didn’t agree to the new terms. Ace’s store, her DAPA Decor, was a tenant from 2018 until she was evicted on August 1, 2022.
Despite high vacancy rates, the listing’s financial analysis shows that the property is making a net profit each year. But the dilapidated exterior, pitted parking lot, and competition from nearby Walmart, Home Depot, Dollar Tree, Harbor Freight, and Tractor Supply left community members worried about the mall’s future. rice field.
Interior entrance of the building that was JC Penney.
Both Ten-X and LoopNet are owned by parent company CoStar Group. CoStar Group is a Washington, DC-based, publicly traded company (Nasdaq: CSGP) that provides analytics and marketing services to the commercial real estate industry, according to its website.
Editor’s note: Gavin Fish contributed to this article.
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