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New Owner for Mall of Abilene

ABILENE, TX-Atlanta-based Gregory Greenfield buys a major West Texas mall.

By Jennifer D. Duell | Updated on January 31, 2005

ABILENE, TX-The dominant regional mall in West Texas,Mall of Abilene, has been purchased by Atlanta-basedGregory Greenfield & Associates from New York-basedEnterprise Asset Management. Both the buyer and seller declined to disclose the purchase price, but industry experts estimate that the681,143-sf mall traded in the neighborhood of $40million to $50 million. It has an assessed value ofroughly $33 million, according to the Taylor CountyAppraisal District.

The Mall of Abilene is located at 4310 Buffalo GapRoad, which puts it in the main retail trade area in Abilene.It’s situated on 65 acres off of U.S. 83/84,two miles south of I-20. As the only enclosedmall within 22 counties in West Texas, Mall of Abilenehas little competition and enjoys the status of adominant mall with annual sales of morethan $100 million, and 97% occupancy. Moreover, BestBuy and Books A Million will open their first Abilenestores in the mall in the near future.

The mall is anchored by Dillard’s, Sears, JCPenney andPremiere Cinema. However, the acquisition does notinclude Sears or Dillard’s anchor space; therefore,Gregory Greenfield & Associates acquisition totals336,143 sf on 32 acres.

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