The owners of Regency Square Mall — Namdar Realty Group and Mason Asset Management — announced Monday they are selling the shopping center they bought in 2014, the Jacksonville Daily Record reported.
In a statement obtained by the Jacksonville Daily Record, a News4JAX news partner, a representative of Namdar Realty Group said, “The company has recently finalized a contract for the sale of Regency Square Mall. More information will be provided as the buyer’s identity becomes public.”
Regency Realty LLC, a partnership of Mason Asset Management and Namdar Realty Group LLC, both based in Great Neck, New York, paid $13 million for the bulk of the 1.4 million-square-foot mall on Feb. 14, 2014.
The Regency Square Mall has anchored the Arlington area for more than half a century. Regency Square opened in 1967 as the area’s first major regional shopping area outside of downtown and in Arlington.
The center doubled in size in 1981-82 and added more space in the early 1990s. However, the mall’s retail occupancy dwindled to about 38 percent by the end of 2013 in the wake of changing demographics, at least three newer shopping centers built in Southside and north Jacksonville and several recessions.
In its later years, the Regency Square Mall has been known for its structural deterioration and has become a less popular place to visit.