UP Development, Inc., a premier retail developer that provides solutions for developers, financiers, and owners with troubled assets, finalized the purchase of Orlando Fashion Square Mall in Orlando, last week.
UP Development agreed to purchase the 1.1 million-square-foot retail center from Pennsylvania Real Estate Investment Trust (PREIT) for $35 million in cash.
Orlando Fashion Square Mall is anchored by Dillard’s, JcPenney, Macy’s and Sears and features retailors including Champs, Charlotte Russe, The Children’s Place, Express, Torrid, among others. The site includes restaurants such as Panera Bread and Olive Garden and the region’s only all-digital movie theatre.
Orlando Fashion Mall is central to downtown Orlando, Walt Disney World, many small businesses and some of the area’s most affluent neighborhoods. Since 1973, Fashion Square Mall has been a revenue generator to Orlando’s economy. The 40-year-old center was last redeveloped more than a decade ago. Plans for improving the retail space are not yet finalized.
[…] Development, Inc., which purchased the mall in February in a $35 million cash deal, is discussing a new 125-room Starwood hotel, to be located in that part of the mall currently […]