Onderstaand ter illustratie hoe een winkelcentrum in waarde kan dalen:
The $19 million price tag is a steal compared to the $77 million Westfield paid for Sarasota Square in 2003. The property was valued at $16,577,100 last year, compared to $80,449,500 in 2012.
Na bijna 20 jaar blijft er van de oorspronkelijke waarde slechts 25% over. Aangezien toentertijd een 60% LTV financiering middels een CMBS normaal was, is 40% waardeverlies (t.o.v. aankoopwaarde) voor Westfield en 35% (t.o.v. aankoopwaarde) voor de CMBS houders.
Daarom is het zaak om een winkelcentrum zodra er barstjes in de performance komen bij de eerste de beste opleving van de markt te verkopen hetgeen URW in het verleden goed gelukt is. Om deze reden zou het een goede zaak zijn indien URW voor ultimo 2022 een aantal regionals kan verkopen, zowel in de US als in Europa. De winkelcentra in Zoetermeer en Almere staan wat mij betreft op de verkooplijst. Wellicht is de heer Storm al ontboden in Le Meurice Alain Ducasse om tijdens een lunch een deal te bespreken!
Torburn Partners of Illinois buys Sarasota Square mall for $19 million
LAURA FINALDI | Sarasota Herald-Tribune
The oldest indoor shopping mall in Sarasota County has a new owner, a little over a year after the property went into foreclosure.
The Sarasota Square mall at U.S. 41 and Beneva Road was purchased for $19 million last fall by Torburn Partners of Northbrook, Illinois, Sarasota County records show.
Torburn, which also purchased the mall's Macy's building in May for $5.55 million, now owns the main mall structure, which includes Costco and AMC Theatres. The purchase does not include the JCPenney building or the former Sears.
Sarasota Square went into foreclosure under previous owner Unibail-Rodamco-Westfield in 2020. The company lost control of the property and it fell into the hands of a Miami-based receiver until the Torburn sale.
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Westfield sold its other Sarasota property - the mall now known as the Crossings at Siesta Key - to O'Connor Capital Partners in early 2021. The two companies had previously jointly owned the mall until O'Connor acquired Westfield's shares.
Torburn is privately-owned and operates in Florida and Illinois, according to its LinkedIn page. It doesn't appear to have a website but news reports from the past year said that it has recently participated in sales of office properties.
The Sarasota Square mall at U.S. 41 and Beneva Road was purchased for $19 million last fall by Torburn Partners of Northbrook, Illinois, Sarasota County records show.
Empty retail spaces near the food court in Sarasota Square.
MIKE LANG, SARASOTA HERALD-TRIBUNE
Sarasota Square, which was built in 1977, has suffered a fate similar to that of other indoor shopping centers across the U.S. It was the center of shopping in Sarasota in the late 1970s and1980s - people would drive from as far away as North Port and Port Charlotte before the Port Charlotte Town Center was built in the late 1980s.
Sarasota Square lost its Macy's and Sears anchors in 2017 and smaller interior tenants like GNC, Express and H&M have continued to leave, one by one. It's still open, however, which is more than can be said for Bradenton's DeSoto Square Mall, which closed in April 2021 after an extended period of financial problems.
There's been discussion of turning Sarasota Square into a multifamily complex with a retail component, but nothing has materialized.
The $19 million price tag is a steal compared to the $77 million Westfield paid for Sarasota Square in 2003. The property was valued at $16,577,100 last year, compared to $80,449,500 in 2012.