A shopping mall on San Antonio’s Northwest Side has been listed for sale, following financial turmoil in recent years.
A Morgan Stanley affiliate has tapped a brokerage to find a buyer for two portions of the Ingram Park Mall, a five-anchor, 1.1 million square foot retail hub at 6301 NW Loop 410, the San Antonio Business Journal reported.
Though an asking price was not disclosed, the mall’s 375,000 square feet of retail space has an assessed value of $70.87 million, or $188 per square foot, according to the Bexar Appraisal District.
The listing, which covers two parcels totaling almost 23 acres out of the 83.5-acre property, is being marketed by CBRE’s George Good, Jim Batjer, Chris Cozby, Harrison Tye, Pete Meyer, and Grace Moses. Executive Vice President John Fenoglio is managing the financial aspects of the deal through CBRE’s debt and structured finance division.
Developed by Simon Property Group, Ingram Park Mall opened its doors in 1979. However, financial struggles came to a head in 2021 when Simon defaulted on the property’s $145 million loan. The mall was subsequently acquired by the Morgan Stanley affiliate at auction for $100.7 million.
The property is being pitched as a “value-add” investment opportunity. Among the prospects for increasing the mall’s revenue are leasing a vacant anchor space, enhancing the food and beverage options, and potentially acquiring the space occupied by Macy’s, should it become available at below-market rates.
The mall has 61 tenants, generating almost $5 million in revenue. The listing follows the 2022 sale of the former Sears property to Phoenix-based furniture retailer Mega Furniture for an undisclosed amount. That portion of the property was assessed at $7.2 million at the time.
Although San Anotonio contains six regional malls, only Ingram Park, North Star and the Shops at La Cantera are considered functional mall properties with a ranking of B+ or better by Green Street Advisors.Unlike many malls struggling with high vacancy rates and declining foot traffic, Ingram Park Mall has an occupancy rate of 88.8 percent and $21 million in recent improvements.
— Andrew Terrell
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