Editor’s Note
We updated this story with quotes from Richland Mall’s general manager Jodi Scott.
ONTARIO — Marcus & Millichap listing agent Frank Simcic said the Richland Mall has good opportunities ahead.
The real estate investment brokerage company posted the property for sale on LoopNet, not including the Avita Health System.
“We’ve sold malls before, and we don’t know specifically what the Richland Mall will be yet because we’re so early in the process,” Simcic said. “But we’re marketing this on a national level.”
Simcic said the sale might take a few months as the brokerage is talking with multiple developers.
“Mall sales tend to take a bit longer than other commercial retail,” he said. “The developers we’re talking to so far all have bought malls in the past and redeveloped them.
“It definitely has opportunities for live entertainment, more retail or some type of sports complex.”
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According to the LoopNet listing, the space is 40% leased with a projected $1.7 million effective gross income for 2023. The asking price is $3.9 million.
“There’s a huge redevelopment upside here,” Simcic said. “That old Macy’s spot is 130,000 square feet by itself, so that has some great opportunity.
“Ultimately, we’d like to complement the hospital next door, too. That’s a unique situation to have a neighbor that’s invested $70 million into their space.”
Avita not currently considering a bid
Avita’s vice president of operations Kim Winkle said the Avita team is not currently considering purchasing the rest of the Richland Mall.
“We hope it sells and that someone is able to revitalize it for the community,” she said.
Jodi Scott, general manager for the Richland Mall, said the property was listed for sale in August.
“Ownership has been pleased with the amount of interest the listing has generated,” she said. “Throughout this period and beyond, it remains business as usual for the nearly 40 businesses at the center.”
Scott said multiple new businesses have opened since the mall was listed for sale, and the building is hosting holiday kiosks through the Christmas season.
“We invite everyone to check out the new stores and to support the local and national retailers that are part of the Richland County community,” she said.
Scott said the best way to keep up with Richland Mall updates is to follow their Facebook page.
Simcic said Marcus & Millichap is talking with possible buyers who “would intend to keep the existing tenants and reinvest in the vacant spaces.”
The main listing agent is from Cleveland and currently lives in Miami, Florida. He said the Marcus & Millichap team’s goal is to sell to a developer that will bring more traffic to the mall.
“Hopefully it’s something that will help the current stores and the local economy,” Simcic said.
Simcic could not confirm whether the property is under contract, only that it is for sale.
