General

Seminole County’s Oviedo Mall sold to L.A. real estate firm

After being on the market since November, the Ovideo Mall in Seminole County has been sold to a Los Angeles real estate firm in a deal that was finalized Wednesday.

A price for the sale has not been released, but in 2012, the 56,760-square foot shopping center was appraised at $13.9 million, according the Seminole County property appraiser.

3D Investments made the purchase, which was facilitated by Rockwood Real Estate Management company Urban Retail will continue to oversee the mall’s operations, at least for the foreseeable future.

Oviedo Mall was known as Oviedo Marketplace until 2010, when its then-owner General Growth Properties sold it to CW Capital. Like many other shopping malls, Oviedo Mall has struggled to give consumers a reason to visit, rather than shop online. There seems to be a general consensus, though, that it has made progress in the past few years in terms of attracting new tenants that interest customers.

This isn’t the only noteworthy development in local shopping malls. Last month, Orlando Fashion Square was sold to a Tennessee real estate firm.

These days, there is a lot of activity in and around investment in shopping malls. Some companies are finding out that their expectations for the economic performance of these properties were too high and are seeking to get out of the field entirely, while other businesses see their competitors shedding shopping malls and swoop in, believing it to be an excellent opportunity to snap up an investment that is not being maximized. This has made it an interesting arena to watch.

Source: Seminole Chronicle, “Ovideo Mall sold to LA firm,” Jessica J. Saggio, March 21, 2013

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Fri Aug 24, 5:03pm