Ownership of Bradley Square Mall was transferred on Dec. 1. The Atlanta-based retail investment sales team of Jones Lang LaSalle managing directors, Kris Cooper and Margaret Caldwell brokered transaction.
Bradley Square Mall marketing manager Jennifer Sparrow said The Shane Morrison Companies, based in Baton Rouge, La., is poised to invigorate the shopping experience for customers.
“With a portfolio that includes multitenant shopping centers, restaurants and multiplex movie theaters, The Shane Morrison Companies is in a prime position to bring today’s most sought-after stores to our retail mix,“ she said.
“The company is very excited to improve and strengthen the position of Bradley Square Mall, and it foresees a growing presence within the regional retail landscape.”
She said the new ownership is excited to be a part of the community and looks forward to working with the merchants of Bradley Square Mall to provide a great shopping experience to our guests.
The mall was placed in receivership in January 2009 and continued to operate under the management of Jones Lang LaSalle Retail. It was sold in a foreclosure sale on July 19 that was more of a legal technicality as the lender retained possession. The debt was held by 2006-CIBC15 Lightstone Portfolio L.L.C. The limited liability corporation retained possession with an offering of $3.625 million.
The mall at 200 Paul Huff Parkway is the third indoor shopping center in the city since the Village Shopping Center opened in 1961 on the corner of Inman Street and South Lee Highway. The Cleveland Mall on Keith Street opened in about 1975 and Bradley Square Mall opened in about 1991.
The two former mall locations have each found new life as the Village Green Town Center and the Cleveland Mall as the Campbell Center.
The Village Shopping Center once housed major retail outlets including Parks-Belk retailers and a bowling alley. It was built and promoted for years by Jimmy Corn and his father, Col. James Corn. The shopping center was purchased for $2.8 million by Allan Jones in August 1998. He renamed it the Village Green Town Center and transformed the 19-acre complex with a mix of retail and professional office space.
Keith Street Development Associates Limited Partnership, headed by Life Care Founder and Chairman Forrest L. Preston, bought the Cleveland Mall in August 1995 and renamed it The Campbell Center.