SAN ANTONIO-A San Antonio turnaround specialist is working on his latest project, the Westlakes Mall at Loop 410 and Marbach Road.
Stanley Spigel, head of Spigel Properties, bought the 370,000-sf mall and is working with NAI Rohde, Ottmers and Siegel Realty to renovate it, says Chuck Siegel of NAI Rohde. Details of the transaction were not disclosed. The acquisition doesn't include the 100,000-sf Target store, which is owned by the Minneapolis-based retail giant.
The regional mall is in San Antonio's southwest submarket, which is not the hotbed that the north and northwest submarkets are. Of San Antonio's total retail inventory of 32 million sf, just 4.8 million sf are in the CBD and south submarket, which includes the Westlakes area.
Lender LaSalle National Bank, based in Chicago, foreclosed on the mall. “It's been on the market,” Siegel tells GlobeSt.com. “It's been up and down and people have had it under contract, but nobody closed on it.” A few weeks ago, Spigel did what the others couldn't, Siegel says.
The mall's occupancy is just under 50%. Its sole anchor is the Target store. Other retailers include Luby's and Eckerd Drugs.
A former Montgomery Ward store, 107,000 sf, is a key piece to the mall's redevelopment, Siegel says. The store closed last year when the Chicago-based retailer went out of business. Siegel says the plan is to subdivide the building for multiple tenants. There's already interest from potential tenants, he says.
Spigel intends to do his usual job on Westlakes. “He's a real value player and he knows what to do with these type of properties,” Siegel says. Spigel owns several properties in San Antonio, including other shopping centers.
Siegel says Spigel gets a property then proceeds to fix it up, find the right tenants and let the customers do the rest. “He's the kind that will go in there and put the proper kind of tenants that will be conducive to the people that live around there,” Siegel says.
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