SouthPark Mall in Strongsville sells for $57.7 million
CoStar
An aerial photo shows SouthPark Mall in Strongsville. The enclosed mall changed hands in late April, selling to a New York-based hedge fund.
Northeast Ohio's largest retail center, SouthPark Mall, has been sold for $57.7 million — a price that reflects the broader plight of the shopping mall sector.
Public records show that the Strongsville property changed hands on April 28. The buyer was a company tied to Kize Capital LP, a New York-based hedge fund.
Some major mall owners are winnowing their portfolios, unloading properties that were declining in value even before the coronavirus pandemic and lockdowns drove more Americans to shop online. Reappraisals triggered by the crisis last year showed that mall values were down 60% or more, according to Trepp, a data provider that tracks properties that carry commercial mortgage-backed securities debt.