MANSFIELD — Anna Carley sees infinite possibilities for the Appleseed Shopping Center on Lexington Avenue.
Improving the parking lot and updating the building facades are at the top of her priority list as managing director of acquisitions and asset management for Infinite Equity Capital. The company purchased the shopping center on Sept. 8.
Carley also envisions making the Appleseed Shopping Center a destination for fitness and entertainment in addition to grocery shopping. The center hosts Kroger and Ollie’s Bargain Outlet as anchor stores. Carley said Infinite Equity Capital is also bringing Fitness 1440, a 24-hour gym, to the plaza.
“Hopefully, the gym will be open next May,” she said. “A space remodel is underway.
“In addition, we have plans to bring this shopping center into the 21st century — update the facade and the look, as well as re-do the parking lot.”
Infinite Equity Capital is a commercial real estate firm based in Florida that buys shopping plazas nationwide. Carley said Infinite Equity specializes in purchasing “distressed assets” that can be revitalized with the right amount of investment.
She said Appleseed Shopping Center, which was purchased for $2 million, is valued at $5 million. She thinks Infinite Equity can help raise that value through improvements and long-term development.
Appleseed Shopping Center was previously owned by Skilken Gold, a Columbus-based commercial real estate company, which also owns the Kingsgate Shopping Center in Mansfield.
Appleseed’s current tenants include Dollar Tree, Holly’s Book Rack, Great Clips, Miller’s Diamond Jewelry, Magic Wok, Panera Bread and others. Carley said Infinite Equity Capital is working to recruit new tenants, as the company has more than 142,000 total square feet in the plaza.
Mid-America Real Estate will be the shopping center’s property manager, which Carley said is known for its attention to detail.
“When we looked at the property, we saw that it has been neglected for many years and we were aware of some of the issues — the parking lot, for instance — that are visible,” Carley said. “Our plan was always to revive and bring life into this plaza because we believe in it, as it appears to be the center and the heart of Mansfield.
“Our plan is to make this plaza the beautiful and vibrant plaza that it used to be about 20 years ago.”
Carley said she is excited to improve the look and functionality of the shopping center, but she wants to hear opinions of local residents about what they want the shopping center to look like before moving forward with redesigns.
She said people can offer improvement suggestions by contacting Appleseed Shopping Center on Facebook or by emailing her at annac@infiniteequitycapital.com.
