UPDATE: $31M Laurel Mall Sale Closes

LAUREL, MD-The 665,000-sf Laurel Mall has come under new ownership now that its $31 million acquisition deal has closed. Santa Barbara, CA-based Somera Capital Management LLC purchased the distressed property with joint venture partner AEW Capital Management out of a receivership from Greg Malone of the retail division of real estate investment management firm Jones Lang LaSalle, who acquired receivership one year ago.

Somera and AEW–who relied on Morgan Stanley Mortgage Capital for acquisition financing–acted on behalf of Somera Realty Value Fund and AEW Partners V LP, respectively. Presently featuring over 90 stores, Laurel Mall is an enclosed three-story retail property that debuted in 1981. Currently anchored by Hecht’s and the International Furniture Liquidators, the shopping center is also home to the 162,000-sf anchor Burlington Coat factory, but its space and the 12-acre parcel it occupies is owned by a third party and was not included in the transaction. The purchase actually involved only a 503,000-sf segment of the property the remaining 23 acres.