Updates: Woodland Mall listed for sale

0

Bowling Green’s Woodland Mall has been listed on an online auction site.

Bids will be accepted from Sept. 23-25. The starting bid is $875,000. Ten-X Commercial, LLC will oversee the bidding.

According to Ten-X website, the property is a value-add opportunity to acquire a 65% occupied market-dominant retail mall. The enclosed mall totals 270,000 square feet of space.

“It is a good price for what they have had to work with,” said Beth Genson, former Woodland Mall manager and marketing director. “They have done as good of a job they can maintaining the mall.”

The mall was built on 42 acres in 1987 and was renovated in 2008 and 2010. The parcel falls within a federal opportunity zone, with the potential for federal capital gains tax incentives and development perks.

“When it was built in 1987, it was at the height of the mall industry. JC Penney chose the location of the mall. The idea was that the cities of Bowling Green and Perrysburg could grow together,” Genson said. “When I worked there, all the mall’s spaces were thriving. At the time, we were known as the “Shoe Mall” because we had four-six shoe stores.”

The mall is anchored by Dunham’s Sports. Over the years, it held Sears, Elder-Beerman, Steve & Barry’s University Sportswear, Hill’s, Cinemark movie theater, and a bookstore.

The lack of local ownership has often been given as the reason for the lack of marketing of the mall. The current owner, based in Lakewood, New Jersey, purchased the property in 2005 for $10.1 million.

Current occupents include the Fringe Thrift Store, Alehouse Grill, Able Body Fitness, Refresh Toys, Custom Crafts by Nettie, Julie’s Dance Studio and other local shops.

Situated at 1234 N. Main St., the mall is in the primary commercial district of the city.

No posts to display