Florida company’s bid lands mall; more tenants could come

A Florida-based company emerged as top bidder for the Cranberry Mall, and there is interest among “nationally known names” to lease space, according to a representative of a Texas-based realty company that represents the mall’s former owners.

Dundas Real Estate, of Daytona Beach, came out with the top bid on Nov. 3, which was the final day of the auction conducted by Ten-X, a California-based commercial real estate exchange.

Philip LaMay, western Pennsylvania commercial director for Keller Williams Realty, said he could not disclose the amount of that bid without consent from Los Angeles-based Oakwood Management Group, the mall’s former owners.

Ten-X had set a starting bid of $1.3 million for the auction that began Oct. 31.

According to LaMay, the top bid was accepted just before noon on Nov. 3 and that six bidders “were actively engaged up until the last minute.”

He said the buyer intends to utilize the property as a shopping center and regional mall, and “we have been in discussions … in assisting for leasing of new tenants. There are limited resources available to the mall” to market on its own.

LaMay said “two or three nationally known names” have expressed an interest in leasing space, but the types of businesses they are is information he “can’t disclose at this moment.”

“We’ve started discussions with potential tenants that can occupy more than 20,000 square feet; there is interest, but no lease solidified at this point,” he said.

The “property information” portion of the Ten-X listing, as of Sept. 9, shows the mall has 43.4% occupancy.

LaMay said Dundas Real Estate and Keller Williams Realty are “encouraged” to keep the discussion of pursuing leases active while those prospective tenants with which they have entered into talks are still looking at other sites.

“In some cases, they are looking at alternative sites (to the mall) and in some cases, sites that are in addition to Cranberry. Depending on who we are talking to, both scenarios apply,” he said.

Dundas was receptive to Keller Williams’ offer of assistance, LaMay said, because his company markets assets globally and “we have more of a reach to potential tenants.”

Dundas, he said, specializes in retail and retail mixed-use properties.

“Some assets are similar to Cranberry Mall. They are pretty diverse,” LaMay said.


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