Simon Property Group is selling the aging and neglected DeSoto Square Mall and may be close to signing a deal with an undisclosed buyer, according to a report from the Bradenton Herald.
The property, built in 1973. Simon Properties bought it in 1996 and immediately built a food court, but has done little since. It is now listed wth CBRE, a commercial real estate broker with offices in Tampa.
The mall fell on hard times with the downturn in the economy and in 2008 and 2009 a spate of store closings had some customers wondering if the mall was about to close. Major anchor Dillards closed in 2009, along with Old Navy, Lady Foot Locker and Waldenbooks. Starbucks pulled out the summer before.
By 2010 Simon’s $61.9 million loan on the mall property was in danger of default.
The Herald was reporting Wednesday
An unnamed buyer has signed a letter of intent with Simon Property Group to acquire the DeSoto Square mall in Bradenton, according to a commercial real estate analytics firm.
Simon officials Tuesday confirmed the mall is up for sale but refused to discuss details.