Towne Square Mall
Towne Square Mall is a shopping mall located in Owensboro, Kentucky. It is anchored by JCPenney and Macy's.[3][6]
Location | Owensboro, Kentucky, United States |
---|---|
Coordinates | 37.720572°N 87.1281856°W |
Address | 5000 Frederica Street |
Opening date | March 1,1978[1] |
Management | Gulfstream Commercial Services LLC[2][3] |
Owner | TSM Holdings LLC[4] |
No. of stores and services | 52[5] |
No. of anchor tenants | 3[5] (0 open, 3 vacant by around October 2020) |
Total retail floor area | 437,752 square feet (41,000 m2)[6] |
No. of floors | 1[5] |
Parking | 2,493 spaces[5] |
Website | www |
History
Towne Square Mall was built by David Hocker and Alan Squitieri for $20 million, with Squitieri later being bought out.[7] It opened on March 1,1978 and was one of the largest shopping centers in the area.[1] Heitman Advisory Corporation (Heitman Financial) purchased most of the malls shares in 1987. Hocker and Associates continued as management.[7] TS Partners (Heitman Real Estate Fund III and Southwestern Bell Corporation Master Pension Trust) sold the mall for $29 million to Aronov Realty Management and NationsBank of Texas in 1998.[7] Lakestar Properties purchased the mall for $29 million in April 2007 from Aronov Realty Management.[1] Sears closed in late 2014.[8]
U.S. Bank National Association foreclosed on the mall in July 2015, with the mall owing $27.6 million.[1] Jones Lang LaSalle managed the mall as its receiver.[9] U.S. Bank later purchased the mall at auction for almost $19 million.[10] Kohan Retail Investment Group purchased the mall for $2.9 million in May 2018. Macy's was not part of the sale due to owning its building. Additional property purchases around the mall totaled $1.1 million.[11][12] Towne Square Mall was again sold in December 2019 to Towne Square Mall Holdings LLC (TSM Holdings LLC) for $5.15 million.[2][3][4] Management of the mall was changed to Gulfstream Commercial Services LLC, one of its owners.[2][3] Macy's will close in Spring 2020.[13] On June 4, 2020, it was announced that JCPenney will be closing around October 2020 as part of a plan to close 154 stores nationwide. After JCPenney closes, there will be no anchor stores left.[14]
References
- Lawrence, Keith (July 10, 2015). "Bank seeks foreclosure of Owensboro mall". The Messenger. The Messenger-Inquirer. Retrieved 12 December 2019.
- Mayse, James (December 10, 2019). "Local investors purchase Towne Square Mall". Messenger-Inquirer. Retrieved 12 December 2019.
- Lawrence, Keith (December 11, 2019). "Ray says mall can again be destination". Messenger-Inquirer. Retrieved 12 December 2019.
- "TSM Holdings buys Towne Square Mall". The Owensboro Times. 10 December 2019. Retrieved 12 December 2019.
- "Towne Square Mall" (PDF). Jones Lang LaSall. Retrieved 11 December 2019.
- "Towne Square Mall" (PDF). Veritas Realty. Retrieved 11 December 2019.
- Lawrence, Keith (February 11, 2016). "Clock ticking for Owensboro mall". The Messenger. The Messenger-Inquirer. Retrieved 12 December 2019.
- Campbell, Joy (September 20, 2014). "Sears closing Owensboro store: 52 employees affected; target date is Dec. 7". The Messenger. The Messenger-Inquirer. Retrieved 12 December 2019.
- Lawrence, Keith (July 30, 2015). "Owensboro mall appears headed for auction block". The Messenger. The Messenger-Inquirer. Retrieved 12 December 2019.
- "U.S. Bank Buys Towne Square Mall in Owensboro". Eyewitness News (WEHT/WTVW). 16 February 2016. Retrieved 12 December 2019.
- Lawrence, Keith (May 16, 2018). "New York investment firm buys Owensboro mall". Kentucky New Era. The Messenger-Inquirer. Retrieved 12 December 2019.
- Kapusta, Katie (May 15, 2018). "Towne Square Mall has a new owner". 14news. WFIE. Retrieved 12 December 2019.
- "Macy's in Towne Square Mall to close". The Owensboro Times. 6 January 2020. Retrieved 20 February 2020.
- "Owensboro JCPenney to close permanently, according to company". The Owensboro Times. Retrieved June 4, 2020.