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The Talk Tonight: Moonbeam Capital Investments LLC  new owner of ShoppingTown Mall

The Talk Tonight: Moonbeam Capital Investments LLC new owner of ShoppingTown Mall

September 09, 2013

CBS 3/NBC 5 /CW 6

DEWITT -- Senator Charles Schumer announced Monday that Moonbeam Capital Investments LLC purchased Shoppingtown Mall in DeWitt at auction nearly three weeks ago.

The mall was sold in an online action on August 21, but the auction house would not say who purchased it.

According to its website, Moonbeam is a private equity fund with "an extensive expertise in the redevelopment of distressed commercial and residential properties."

Schumer’s office says he has urged Moonbeam to cooperate with the Town of DeWitt, Onondaga County officials, and local stakeholders to develop a long-term plan for the mall’s redevelopment. He says the sale is a promising first step towards reviving the ShoppingTown site.

"I am asking Moonbeam Capital to have an open, transparent and honest working relationship with the Town of DeWitt, and I also plan to do anything I can in facilitating the redevelopment of this tax-revenue generating site," says Schumer.

Schumer says that, according to some media reports, Moonbeam has had some success in revitalizing several struggling malls in recent years.

According to Schumer, ShoppingTown Mall’s impact is immense and was responsible for bringing in over $700,000 in property tax to the county and town’s budget last year, in addition to sales tax.

In additon to shopping malls, Moonbeam also owns office centers, apartment buildings, and hotels. Moonbeam Capital Investments LLC’s corporate office is located in Las Vegas, Nevada.

ShoppingTown Mall is currently at about 66.90% occupancy. It was originally developed as an open-air center in 1950s and redeveloped to be enclosed in the 1970s.