A group affiliated with California-based Ilbak Investments purchased the Oviedo Mall, anchored by Regal Cinemas and Sears at State Road 417 and Red Bug Lake Park in Oviedo.
The sale price was not disclosed, but preliminary public records show a group headed by Mehmet Ilbak, of Los Angeles, purchased it for $15.3 million Feb. 9. The sellers, California-based Oviedo Fund LLC, purchased it from lenders in 2013 for $7.76 million, according to Seminole County records.
The independently owned Dillard’s department store was not part of the sale. CBRE Group’s Dennis Carson and Casey Rosen represented the seller of the property, which includes 554,973 square feet.
“Significant regional retail competition serving Orlando’s northern communities as well as changing department store and mall dynamics have challenged Oviedo Mall’s success since the Great Recession, and to some degree, even before then,” said Carson, vice president of CBRE National Retail Partners. “That said, it is an extremely well located property, and the seller, who acquired it from a lender in 2013, was able to increase occupancy with several very successful tenants catering to the immediate community,”
The mall also had some recent losses. Last month, department store Macy’s announced it would close its Oviedo Mall store. The mall has lost other national tenants during the last decade, replacing them with a gym, a daycare that earned praise for drawing in parents who want to do some shopping or see a movie without kids in tow, and a handful of local stores.
“Oviedo Mall is a terrific commercial property that has hit a rough patch over the last few years with no fault to management there,” Oviedo Mayor Dominic Persampiere said in January.
It’s the third sale of the property since 2010. The mall renovated after its 2013 sale.
More than half of Oviedo Mall’s 950,000 square feet were included in the sale. The mall site totals more than 95 acres, 54 acres of which were included in the sale.
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