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An affiliate of Kize Capital LP, a New York investment firm, recently paid $5 million for the shuttered department store. Kize and partner Spinoso Real Estate Group bought the Strongsville mall a year ago, with a vision of reinvigorating the region's largest retail center. ....
Big retail properties account for four of the top 10 deals on the Crain's list of the largest local commercial property sales of 2021. Big office sales, however, nearly disappeared from the list entirely. ....
The region's largest retail center changed hands for $57.7 million in late April. The deal at less than a quarter of what the mall was worth roughly a decade ago was an unusual one in a region where recent mall sales have led to teardowns, industrial makeovers and slow death spirals under scavenger-like owners. ....
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. ....