Citadel Mall sold after years of uncertainty

Citadel Mall sold after years of uncertainty
Source: Citadel Mall/Facebook

CHARLESTON, SC (WCSC) - After years of uncertainty, changes are ahead for the Citadel Mall after officials say it has sold.

Kristi Tolley, the marketing manager for the mall, said Friday afternoon the property has been purchased by a group being led by Richard C. Davis of Trademark Properties.

A Citadel Mall statement reads in part:

"The ownership group has recruited JLL, the largest third-party management company, to manage and lease the property. Ownership plans to work with the City of Charleston and other key groups in town to bring mixed-use and add greater amenities to the mall."

"This is very good news for West Ashley," said Jacob Lindsey, City of Charleston Director of Planning, Preservation and Sustainability. "The city looks forward to working with the new owners to achieve an outstanding mixed-use development on this critical property."

Tolley said Davis is best known for creating and starring in the reality television series known as "Flip This House", which helped lead to an entire genre of real estate television shows.

According to Newmark Grubb Knight Frank, the company which marketed the property to buyers, 290,620 square feet was for sale, including an outparcel. Anchor stores such as Target, Belk, and Dillard's were not included in the offer.

Friday, Tolley did not say how much the property was sold for.

According to NGFK, comparable interior stores can be priced at $273 per square foot; Inline tenants total 230,369 square feet at the Citadel Mall. Nearly 55,000 square feet, or roughly 19-percent, of vacant space is still leasable at the mall.

The mall is part of a 2014 West Ashley Strategic Plan. According to a city presentation, the goal is to redevelop the property as a mixed-use, pedestrian-oriented center. It would replace interior retail with outdoor appeal, transforming the mall into a "Main Street-style shopping experience".

The redevelopment of the mall is also on Mayor John Tecklenburg's goals during his first term for the City of Charleston.

JLL has not disclosed plans for the area.

Messages to Davis, NGFK, and JLL were not immediately returned.

This is a developing story. Check back for details.

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