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.
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