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Challenged Cleveland Mall Sells

NORTH RANDALL, OH-New owners could sell Randall Park Mall off in parts or attempt a redevelopment, industry observer says.

By Dees Stribling | Updated on October 12, 2004

NORTH RANDALL, OH-Randall Park Mall, a 1.4-million-sf regional shopping center developed nearly 30 years ago by Youngstown, OH, mall magnate Edward J. DeBartolo, has been sold by CDC Randall Park Mall Trust for $6.4 million to NSC New Market LLC & Southern Properties, an entity controlled by mall investor Hayward Wichard, according to a Cleveland-area source familiar with the deal. The mall, located 11 miles southeast of Downtown Cleveland, is 60% occupied.

Neither a Sears and a Kaufmann’s, who own their own buildings at the site, were involved in the sale. Other anchors of the property include Burlington Coat Factory and a 12-screen Magic Johnson’s/Lowe’s Theater, a cinema brought in by then-owner Simon Properties (who acquired the mall upon merging with DeBartolo) in 1999 to replace the shuttered General Cinemas triplex that closed in the early 1990s.

Built in 1976, the mall is one of the original regional centers in the Cleveland MSA. Located on about 60 acres north of Interstate-480, Randall Park is off of Ohio 8 (Northfield Road) and neighbors Thistledown Racetrack, a thoroughbred racing venue. “Randall Park Mall is a transitional mall in a changing market,” says Gary Saykaly, managing director at NewBridge Retail Advisors, an Atlanta-based company that represented the seller in the transaction. He adds that his company has sold properties like this before. “We’ve sold regional mall assets that have been repositioned, re-developed, ‘de-malled,’ or completely razed.”

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