DANVILLE, IL-Tabani Group has made its fifth acquisition this year, buying Village Mall, a 480,759-square-foot regional mall located in this tertiary market in the southern part of the state.
The Dallas-based investor bought the retail property out of foreclosure from LNR Partners Inc., closing the transaction in an all-cash deal. The purchase price was not disclosed. HFF managing directors Jaime Fink and Jeff Bramson marketed the property on behalf of the seller.
The new owner plans to invest as much as $5 million to redevelop the regional mall, which was 64% leased at the time of closing. Anchor tenants include: Elder-Beerman; Sears; Covington Foods; AMC Theatres; and Pet Supplies Plus.
Situated on roughly 41 acres at 2917 North Vermilion St. directly near Interstate 74, Village Mall is the largest retail property in the town and the only mall within 37 miles, according to Zeshan Tabani, managing director of Tabani Group.
“This market is underserved from a retail perspective, and there is a slew of retailers that should want to be in this center because shoppers are now going somewhere else – all the way to Champaign,” Tabani says.
Tabani tells GlobeSt.com that his family-owned company already has two junior anchors on the hook for 30,000 to 40,000 square feet. Currently, there are three vacant boxes in the mall, which was originally built in 1978 and renovated in 1999.
The Village Mall acquisition follows another Tabani buy in suburban Dallas. Earlier this month, the firm closed on Rockwall Commons, a 216,651-square-foot, mixed-use property located at 1309-1407 Ridge Rd. The REO property is comprised of 202 multifamily units, 7,769 square feet of multifamily retail, 25,388 square feet of office and a 5,750-square-foot retail pad.
In total, Tabani owns more than three million square feet of retail, hotel and office properties throughout the US.
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