HENRICO COUNTY, Va. — A Richmond mall that has seen its stores’ sales plummet nearly 60 percent in 10 years will be on the market by the holiday shopping season.
The bulk of Regency Square Mall on Parham Road will be put up for sale in the coming months. Joe McBride, a research analyst at real estate tracking firm Trepp, expects the property to be offered at about $20 million, about a quarter of the $72 million mortgage the mall’s previous owner took out 12 years ago.
It’s a closeout price point that would mean losses for investors but could also be a big draw for a buyer looking to revamp Regency Square, Colliers International broker Brian Glass said.
“What it has going for it is that it will be cheap,” Glass said. “If you can buy it for the right price, there might be a redevelopment opportunity.”