Ocoee's West Oaks Mall has seen better days, but its new owner is vowing to change that.
The mall was recently purchased for just under $16 million by a Las Vegas-based real estate developer who said he has turned struggling shopping centers around in the past and can do the same with West Oaks.
The story of West Oaks is the same as it is for many older shopping centers around the country. In order to compete with online shopping, national retailers have sought to make visiting their stores "an experience" and so have migrated away from traditional shopping malls like West Oaks toward more upscale "lifestyle centers," such as Winter Garden Village at Fowler Groves.
It isn't a problem if tenants move as long as they are replaced by comparable new ones, but in the case of West Oaks, that has not been happening. Lately, West Oaks has lost Sears, Chevy's Restaurant and Borders and has struggled to find other options to replace them.
Crime at West Oaks has also been a problem. A recent analysis by the Orlando Sentinel found that the mall generated around twice as many calls to authorities as did Orlando Fashion Square, a mall of comparable size in eastern Orlando.
The entrepreneur who purchased West Oaks believes all this can change. He said he is going to engage the community more, such as by offering child-daughter teas, and will be very aggressive about pursuing national tenants. He said he has taken other shopping centers from "troubled" to "profitable" and can do the same here.
Source: Orlando Sentinel, "New West Oaks owner has big plans for troubled mall," Sandra Peicini, Jan. 22, 2013
- In our Orlando law office, we frequently handle commercial real estate matters for our clients. If you would to know more, why not consider stopping by our Commercial Real Estate page?
No Comments
Leave a comment