Author Topic: Want to own a mall? Regency could be headed to auction  (Read 2428 times)

marcuscnelson

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thelakelander

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Re: Want to own a mall? Regency could be headed to auction
« Reply #16 on: February 27, 2019, 08:27:14 AM »
Lol at this article. A church is a death blow for a mall. Definitely a non story.
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vicupstate

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Re: Want to own a mall? Regency could be headed to auction
« Reply #17 on: February 27, 2019, 08:33:29 AM »
Lol at this article. A church is a death blow for a mall. Definitely a non story.

Mall manager James Kramer told Action News Jax that the church's 4,000-person congregation will mean more foot traffic -- which could attract more tenants.

I think you are being shortsighted Lake. Consider how beneficial the thousands of First Baptist congregants are to DT JAX. 
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marcuscnelson

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Re: Want to own a mall? Regency could be headed to auction
« Reply #18 on: February 27, 2019, 08:35:30 AM »
A church and a food pantry! This is Regency Square's gamechanger!

marcuscnelson

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Re: Want to own a mall? Regency could be headed to auction
« Reply #19 on: February 27, 2019, 08:36:46 AM »
Lol at this article. A church is a death blow for a mall. Definitely a non story.

Mall manager James Kramer told Action News Jax that the church's 4,000-person congregation will mean more foot traffic -- which could attract more tenants.

I think you are being shortsighted Lake. Consider how beneficial the thousands of First Baptist congregants are to DT JAX.

As someone who used to go to FBC, I can't tell you enough how hilarious that is.

I can still remember all the Sunday mornings we would dress up, drive half an hour into downtown, go to the service, then go like a bat out of hell back to SJC.

thelakelander

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Re: Want to own a mall? Regency could be headed to auction
« Reply #20 on: February 28, 2019, 01:25:29 PM »
Wow. Regency may be going down the tubes but the current owner has already doubled their investment by simply selling off parts of the property:

Quote
A partnership of Mason Asset Management and Namdar Realty Group LLC, both based in Great Neck, New York, paid $13 million Feb. 14, 2014, for the mall. At the time, the property was assessed at more than $30 million.

The companies specialize in acquiring aging shopping centers and regional malls.

Quote
While the tenants have been dwindling, Mason and Namdar more than doubled their initial investment about a year after they acquired the 900,000-square-foot mall on the 110-acre site.

In 2015, the AMC Regency 24 movie theater outparcel was sold to a theater-ownership group for $26.2 million.

In 2016, Impact Church of Jacksonville Inc. bought the former Belk store for $7 million.

Full article: https://www.jaxdailyrecord.com/article/regency-square-mall-owner-considering-selling-property
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marcuscnelson

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Re: Want to own a mall? Regency could be headed to auction
« Reply #21 on: February 28, 2019, 03:37:02 PM »
How is that… possible?

The mall itself really dragged down the value of everything else so much that the value of the whole thing was half of just AMC?

thelakelander

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Re: Want to own a mall? Regency could be headed to auction
« Reply #22 on: February 28, 2019, 03:44:12 PM »
One man's trash is another man's treasure. Evidently, they saw value for their investors regardless of whether the mall rebounds or not.
"A man who views the world the same at 50 as he did at 20 has wasted 30 years of his life.” - Muhammad Ali

vicupstate

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Re: Want to own a mall? Regency could be headed to auction
« Reply #23 on: February 28, 2019, 04:17:28 PM »
The city needs to buy Regency for three times what the owner paid, buy out the tenant leases and tear it down.
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martt12

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thelakelander

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Re: Want to own a mall? Regency could be headed to auction
« Reply #25 on: March 22, 2019, 10:13:09 AM »
I wonder why they aren't taking the demo first and figure it out later approach? After all, it's an outdated mall that hasn't been renovated in +20 years.
"A man who views the world the same at 50 as he did at 20 has wasted 30 years of his life.” - Muhammad Ali

marcuscnelson

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Re: Want to own a mall? Regency could be headed to auction
« Reply #26 on: March 22, 2019, 07:45:53 PM »
I wonder why they aren't taking the demo first and figure it out later approach? After all, it's an outdated mall that hasn't been renovated in +20 years.

Can someone please find Lenny Curry so I can make sense of all this?

marcuscnelson

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Re: Want to own a mall? Regency could be headed to auction
« Reply #27 on: March 22, 2019, 07:46:33 PM »
I’m actually not opposed to some of these ideas.

https://www.jaxdailyrecord.com/article/we-have-creative-ideas--jacksonville-firm-seeking-tenants-for-regency-square-mall

This is… surprisingly competent and interesting. Where have these guys been?

I suppose the second best time is always now.

bill

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Re: Want to own a mall? Regency could be headed to auction
« Reply #28 on: March 23, 2019, 12:00:16 AM »
The city needs to buy Regency for three times what the owner paid, buy out the tenant leases and tear it down.
Awesome