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DeSoto Square Mall is for Sale

Mall owner Simon Property Group may be close to completing a deal on the aging mall.

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.

Al May 24, 2012 at 01:51 AM
That place is a pit
Brahmos May 24, 2012 at 07:57 AM
Perhaps you would prefer The International Council of Shopping Centers euphemistic classification for Desoto Square Mall: Class C Property. Class C mall: generally thought of as a weaker player, with sales of less than $250 per square foot, and usually hobbled by a competitive disadvantage, such as inferior location, vacant anchor space, shoppers with incomes at or below 2.5 X Federal Poverty Level, etc. While the truth cannot be sugarcoated with industry parlance and euphemisms, any charge of racism or classism can be avoided. But at the end of the day, the employment situation and financial condition of the people in that area over the last ten years has deteriorated to ghetto mail demographics and retailers have planned accordingly.
Hector Ferran May 24, 2012 at 11:41 AM
I worked in that mall until summer of last year as manager and that mall is sad. It's the small things, like when the dumpster outside the food court filled with water and the entire property smelled like sewage, because it sat there.
Mike May 24, 2012 at 03:47 PM
I no longer go to the mall unless I can't find the item elsewhere. Example was a custom hat that I needed quick that I could order online and pickup from a vendor inside the mall. That was about a year ago though and I don't have any plans to return there anytime soon.
Charles Schelle May 25, 2012 at 12:20 AM
I find it to be your average mall, and with a dollar movie theater you shouldn't have expectations that it's going to be high end, which is great because some of these other malls I can hardly afford anything in there! I've seen malls back home that were like ghost towns with the abundance of vacancies and one near Baltimore that the second level is closed off because so many stores left. DeSoto is nowhere near that level of shape. A Gabriel Bros. would probably be ideal for the vacant anchor space for the deal finders.

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