Search
 

Troubled Malls Finding New Owners and New Life

Tearing down these properties often makes less sense than finding new uses appropriate for an era when consumers shop so much online.

kc-INDYCENTER (2) Independence Center in Independence, MO, is a classic 1970s-era property.

INDEPENDENCE, MO—A lot of people in commercial real estate have lamented the decline of brick-and-mortar retail. Others, however, see underutilized malls and empty storefronts as opportunities. And tearing down these properties often makes less sense than finding new uses appropriate for an era when consumers shop so much online.

Pacific Retail Capital Partners, for example, recently decided to step in as the operator of Independence Center, an iconic lifestyle shopping center in Independence, MO, just outside of Kansas City. Boasting more than one million square feet of retail space and 12 million annual visitors, Independence Center has been one of the region’s largest shopping centers since opening in 1974, but in recent years it struggled. Last year, Simon Property Group, its previous owner, defaulted on $200 million loan.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Brian J. Rogal

Brian J. Rogal

Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.

More from this author

Recommended Stories

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2025 ALM Global, LLC. All Rights Reserved.