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Texas mall price plunges

Published 11/29/2017, 03:41 PM
Updated 11/29/2017, 03:41 PM
© Reuters.  Texas mall price plunges
  • How'd we miss this one? The WSJ's Esther Fung last night detailed the growing phenomenon of selling malls online.
  • That mall sales are going digital shouldn't be surprising in 2017, but check out the recent sale of Vista Ridge Mall in Odessa, Texas. It could give pause to bottom-fishing mall/shopping-center investors.
  • The two-level 1.05M square-foot mall was valued at $144M in 2001. Then e-commerce began to happen. It was appraised at $46M in June of 2016, at $34.5M in February of this year, and ultimately sold for $18.1M.
  • h/t Aaron Edelheit
  • Among interested parties: PREIT (NYSE:PEI), Weingarten Realty (NYSE:WRI), Kimco (NYSE:KIM), Inland Real Estate (NYSE:IRC), Federal Realty (NYSE:FRT), DDR (NYSE:DDR), Whitestone REIT (NYSEMKT:WSR), Kite Realty (NYSE:KRG), CBL (NYSE:CBL), Regency Centers (NYSE:REG), Washington Prime (NYSE:WPG)
  • Now read: Mall REITs: How I Messed Up, And What I'm Doing With CBL Now


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