Pompano Beach firm acquires Central Florida mall with 22% vacancy rate

Pompano-based Village Lake Promenade paid $23 million for the ViaPort Florida mall in Leesburg

Miami /
Nov.November 12, 2017 03:00 PM

The ViaPort Florida mall in Leesburg

A Pompano Beach-based company bought a shopping mall in Central Florida with a 22 percent vacancy rate for $23 million. The buyer, Village Lake Promenade, a company formed in July, plans to renovate the ViaPort Florida mall in Leesburg and reduce its vacancy rate to 15 percent in a year. Meir Benzaken is a principal of Village Lake Promenade and an officer of Pompano Beach-based Exclusive Management and Properties Inc., which specializes in renovating retail properties.

Village Lake Promenade intends to put a new facade on the ViaPort Florida mall and rename the property. Built in the 1980s, the ViaPort Florida mall lost Target and JCPenney as anchors and has retained a roster of tenants that includes Sears, AMC Theaters, PetSmart and Books-A-Million. Turkish developer Coskun Bayraktar paid $14 million for the mall in 2014, when it was called Lake Square Mall, but failed to revitalize the property after renaming it and installing an electronic sign at the entrance. [Orlando Sentinel] — Mike Seemuth

 
 

Related Articles

arrow_forward_ios
Robert Finvarb and Abraham “Abie” Hidary with the site at 2534 North Miami Avenue (Koniver Stern Group)
Hidrock Properties, Robert Finvarb pay $13M for Wynwood site
Hidrock Properties, Robert Finvarb pay $13M for Wynwood site
The current Miami Beach North Shore library with Mayor Dan Gelber (Google Maps, Gelber)
Miami Beach seeks buyers for city-owned development sites
Miami Beach seeks buyers for city-owned development sites
Developer David Edelstein and Robert Levine of RAL Development with the project (Getty, RAL)
David Edelstein, partner close on missing piece of Wynwood assemblage for office towers
David Edelstein, partner close on missing piece of Wynwood assemblage for office towers
David Grutman and Pharrell’s Goodtime Hotel had received nearly 30 noise violations (Carma Connected, Getty)
Too much of a good time? David Grutman and Pharrell’s Goodtime Hotel could lose entertainment permit
Too much of a good time? David Grutman and Pharrell’s Goodtime Hotel could lose entertainment permit
Related Companies Chairman Stephen Ross with One Flagler (Related, Getty)
Prayers answered? Related Companies closes on church site for planned office tower in downtown West Palm
Prayers answered? Related Companies closes on church site for planned office tower in downtown West Palm
Grover Corlew principal Mark Corlew with Bank of America Tower in Boca Raton (Grover Corlew)
Grover Corlew buys Bank of America Tower in Boca Raton for $45M
Grover Corlew buys Bank of America Tower in Boca Raton for $45M
The partially collapsed 12-story Champlain Towers South condo building (Getty)
Inside the tug-of-war over the Surfside condo site’s future
Inside the tug-of-war over the Surfside condo site’s future
Moishe Mana and the downtown parking lot he purchased (Google Maps, Getty)
Moishe Mana expands downtown Miami assemblage with $12M purchase
Moishe Mana expands downtown Miami assemblage with $12M purchase
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...