Oviedo Mall has a new owner just four years after it sold to a West Coast investor.
Los Angeles-based Oviedo Mall Holding LLC — whose managing member is listed as Mehmet Ilbak — paid $15.35 million to buy 554,973 square feet of the nearly 1 million-square-foot mall from Beverly Hills, Calif.-based Oviedo Fund LLC and Oviedo Fund Manager LLC, Seminole County records showed.
Dennis Carson and Casey Rosen of CBRE Inc. represented the seller.
The mall near the State Road 417 and Red Bug Lake Road interchange in Oviedo is anchored by Regal Cinemas, Sears and a separately-owned Dillard’s department store. The mall also has the lone Central Florida Macy`s that will be closing.
However, there`s a lot of new commercial development happening near the mall, including shops, restaurants, apartments and the city`s first hotels on the horizon, as Orlando Business Journal previously reported.
Plus, the mall serves an affluent, desirable and family-oriented local community, elements that make it an attractive property for an investor, Carson said in a prepared statement.
“Significant regional retail competition serving Orlando’s northern communities as well as changing department store and mall dynamics have challenged Oviedo Malls’ success since the Great Recession, and to some degree even before then,` Carson said in the statement. `That said, it is an extremely well located property and the seller, who acquired it from a lender in 2013, was able to increase occupancy with several very successful tenants catering to the immediate community.”
The new owner, an affiliate of Ilbak Investments, is expected to now go through a combination of remerchandising and redevelopment that will turn things around for the mall, Carson said in the statement.
3D investments bought the mall in 2013, after prior owner Chicago-based General Growth Properties Inc. had been going through several issues related to the real estate downturn, as previously reported by OBJ. The property had been on the market since 2012, OBJ previously reported.