Vero Beach Corners
Dallas-based ORIX Capital Markets has sold Vero Beach Corners, a retail center in the Indian River Mall submarket, to Vero Beach Corner’s Retail Center for $1.35 million. ORIX was represented by CBRE’s William Strauss, Dave Donnellan and Todd Weintraub in the deal. The 13,000-square-foot project, which was built in 2001, is located at 5445 20th Street in Vero Beach and was 73 percent occupied as of closing. — Alexander Britell
The developers buying the struggling Palm Beach Mall are envisioning a high-end fashion outlet center in the property’s future. According to the Palm Beach Post, the joint venture of New England Development and Eastern Real Estate has unveiled its plans for the 1 million-square-foot Palm Beach Fashion Outlets, which would open in 2013. The marketing materials and rendering of the property include department store outlets like Nordstrom Rack, Bloomingdale’s Outlet Store and Neiman Marcus’ Last Call, as well as outlets for the Gap, Old Navy, Ralph Lauren and Nike. In addition, TJ Maxx, Bed Bath & Beyond and the Burlington Coat Factory are also listed. [more]
The Palm Beach Mall, which is now under contract to a Luxembourg-based
firm, could become part of a battle over property rights, pitting West
Palm Beach against a private investment company. ORIX, a Japanese
financial services firm, is seeking to turn the mall into a shopping
center of big-box retailers, and has control of all the mall property
except the Dillard’s building. The Dillard’s property is crucial to the
plan because it has the best visibility along I-95, and the city is now
threatening to seize the Dillard’s site using eminent domain. But Turbo,
which is the Luxembourg company that controls it, says it will fight
any action using new state laws that limit the use of eminent domain. [Palm
Beach Post]
The Palm Beach Mall is preparing to celebrate its last Christmas before Japanese financial services firm ORIX, the mall’s mortgage servicer, takes control of the property next month. The mall’s current owner, Simon Property Group, was hit with a foreclosure lawsuit after it allegedly failed to repay $55.4 million in loans from JPMorgan Chase, and now the mall’s site is slated for development. The mall will be shuttered Jan. 30, with the exception of J.C. Penney, the Firestone automotive center, and George’s Music, all of which have outside entrances, and therefore, longer-term leases which require longer notice before termination. The city expects to hold community meetings to hear ideas for the site, where the current structure will likely be torn down, said West Palm Beach Mayor Lois Frankel. “The day of the indoor mall is probably passe,” Frankel said. “We’re looking for a new venue more appealing to today’s shoppers.” [Palm Beach Post]
