Cincinnati — Investors presented with a plan to stabilize the distressed asset.
Cincinnati — Rockwood Real Estate Advisors has arranged the sale of Northgate Mall on behalf of E3 Advisors, a court-appointed receiver. The mall was sold for $21.5 million. The buyer is an affiliate of Tabani Group, a Dallas-based company with holdings in 14 states, including shopping centers, development projects, hotels and office buildings.
Northgate is a 915,956-square-foot regional mall, with three separately owned parcels: a 180,260-square-foot Sears, a vacant 203,062-square-foot Dillards and a parcel that was formerly J.C. Penney. The collateral in this sale consisted of 555,696 square feet, which includes the 180,000-square-foot Macy’s, 259,000 square feet of in-line space, 50,177 square feet taken by Famous Labels and 43,391 square feet of outparcel space.
The mall has been under the control of a court-appointed receiver since 2009 and is considered to be distressed because of the large vacancies and required capital necessary for stabilization. Rockwood provided a road map to investors by identifying various new tenants and a plan for gaining control of the vacant Dillard’s box and the former J.C. Penney parcel. Thomas Dobrowski, managing director for Rockwood Real Estate Advisors, arranged the sale.