The publicly traded Knoxville, TN-based holding company announced in a shareholder's reported the sale price on the 32,000-sf mall but identified the buyer only as an independent third party.
However, Palm Beach County property records show the designer and marketer of fashion, sports-licensed and craft products sold the property to D&D Co. Those records also show that Innovo acquired the property in the mid-1990s for about $1.5 million or about $46.88 a sf.
Innovo shareholder's reports show that the company opened the site in 1997 but closed the facility a few months later following several lease terminations.
Originally acquiring the site as a retail outlet for its products, the Tennessee company now says neither the property nor the retail concept is consistent with a new business model that focuses on the company's sales and marketing strengths.
In the most recent shareholder's report, the company says it extinguished $657,000 in debt on the property and would realize a small book gain after paying sales commissions, closing fees and property taxes.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
