The new proprietors of Towne Mall have officially taken ownership of the property on Friday, after SA Mary LLC and Bless Properties LLC purchased the property for $850,000 in cash, according to George Ragheb, one of four of the partners with the company.
The Towne Mall, which opened in 1977, now has an appraised value of $3.7 million: $2.4 million for the land and $1.3 million for the structure, according to the Warren County Auditor’s Office.
For the mall to get back to its former “luster,” said Ragheb, it’s important to have a “very good mix” of local and national chains. Ragheb refused to name the potential companies pending to sign leases, though he assures national tenants have been recruited.
Middletown City Manager Judy Gilleland calls the mall a top priority to the revitalization of the city because of its location off of Interstate 75; it is “the main gateway corridor into the city.”
Though his company has only taken its first step into the mall renovation business world, his investors know the “road map” to reviving businesses and promises to turn the mall around “faster than anybody ever imagined,” said Ragheb. He predicts it may take only three years.
The mall currently has 18 of its available 52 spaces occupied with tenants, but Ragheb assures that the tenants believe in his companies vision and they see hope for the future.
As the mall stands today, it will continue to lose money until it attracts more businesses and customers.
Ragheb hopes to have additional leases signed in the first quarter of 2013.
For the upcoming shopping season, investors are hoping to bring in events to attract shoppers.
Source: Middletown Journal