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ShoppingTown Mall in DeWitt gets a visit from its new owner this week

ShoppingTown Mall in DeWitt gets a visit from its new owner this week

By Kevin Tampone

September 24, 2013

The Post-Standard

Syracuse.com

 

DEWITT, N.Y. - A team from the private equity fund that bought ShoppingTown Mall at an auction this month will be in Central New York for meetings on the property's future over the next two days.

Moonbeam Capital Investments executives will meet with ShoppingTown staff and tenants and local government officials today and tomorrow, said Anna Khavulya, a spokeswoman for the company.

U.S. Sen. Charles Schumer said he spoke by telephone with Moonbeam's CEO Steven Maksin to arrange the meeting.

Schumer used the call to tell Maskin of his support for keeping the DeWitt Community Library as part of any redevelopment plans. The library is located within the mall. A library representative will attend the meeting.

Shawl Pryor, Moonbeam senior vice president, said earlier this month that the firm will spend the next three to four months analyzing ShoppingTown and mapping its path forward.

Moonbeam Capital Investments closed on ShoppingTown Sept. 20. The firmsubmitted the winning bid of $13.65 million for the mall in an online auction last month.

Moonbeam, based in Las Vegas, buys and redevelops distressed real estate across the nation. The firm owns seven other malls and 14 shopping plazas around the country.

It also owns office buildings, apartments and hotels, a total of about 50 properties nationwide. The firm manages more than 10 million square feet of space.

ShoppingTown ended up at auction after it entered foreclosure in 2011. Its previous owner, Macerich Co. of California, failed to make a $39 million payment that was due on the property.

The mall is about two-thirds leased and has been abandoned by numerous national retailers and other tenants in recent years.

Tampone, Kevin (24, September 2013). ShoppingTown Mall in DeWitt gets a visit from its new owner this week (October 2, 2013). http://www.syracuse.com/news/index.ssf/2013/09/shoppingtown_mall_in_dewitt_gets_a_visit_from_its_new_owner_this_week.html