Mall anchors include Foley's, JCPenney, Sears and Mervyn's. It also has more than 70 specialty stores, the release stated. Foley's and and Old Navy store leased space in the mall since its renovation, a two-year turnaround project, as reported in a previous GlobeSt.com story.
The mall is the biggest retail center in San Antonio's south submarket, the city's weakest retail market. Most retail growth in San Antonio has been rushing to the north and northwest submarkets in recent months.
Greenfield has hired Jones Lang LaSalle as the manager and leasing agent for the mall at 2310 SW Military Drive. Chicago-based Jones handles 50 retail properties totaling about 35 million sf. General Growth Properties had been the mall manager and leasing agent, according to the release.
The price was not disclosed and Greenfield representatives could not be reached to elaborate on the company's prepared statement announcing the purchase. The acquisition was completed by South Park Partners, L.P., a partnership of private investors assembled by the Margolick Financial Group of Farmington Hills, MI, according to the release.
"We believe that the new physical improvements will allow use to continue to attract exciting new tenants, which will allow the mall to offer an even broader selection of merchandise and services," Greg Greenfield, president of Gregory Greenfield & Associates, said in the release.
Greenfield & Associates is a retail advisory company that specializes and repositioning of regional shopping units, according to the prepared statement. The company has acquired 10 regional malls and two specialty retail centers totaling about 7 million sf since it was founded in 1998.
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