Lionheart Capital Subsidiary Lands 734 KSF Ohio Retail Asset
- Oct 01, 2018
Out of the Box Ventures, a Lionheart Capital subsidiary, has acquired the 733,633-square-foot Richland Mall in Mansfield, Ohio. The transaction excludes Sears and Avita Health Systems, which are both separately owned. The acquisition represents the company’s first enclosed mall purchase.
Located just off state highway 30, Richland Mall is the only significant retail offering within a 45-mile radius from Cleveland to Columbus. The property is along Interstate 71, the major travel route connecting the two Ohio metros. Macy’s, JCPenney, Victoria’s Secret, American Eagle Outfitters, Chuck E. Cheese’s, Bath & Body Works, Champs Sports, GameStop, Lenscrafters, Christopher & Banks and The Finish Line are among the shopping center’s tenants.
The new owner intends to add entertainment and fitness offerings to the property. “Out of the Box is exploring green energy and other technology improvement options, and we look forward to forming fruitful partnerships with the mayor and local municipality to increase the use and appeal of the center to local residents of all ages,” said Lionheart Capital Founding Partner & CEO Ophir Sternberg, in a prepared statement.
Robert Marona, senior vice president & senior director of leasing for Madison Marquette, will spearhead leasing efforts for the mall. The CRE investment and operating company recently announced merger plans with PMRG.
Image via Google Street View