Regal Properties Sells 704,000+ Sq. Ft. Mall

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In a collaborative effort with a commercial real estate workout firm, Regal Properties announced on December 18, 2012 that, after the owner successfully restructured $183MM portfolio of primarily retail properties located in six states, Regal Properties sold the distressed Lake Havasu Mall in that portfolio for less than $16MM.

Completed in September 2008, the center includes 704,164 square feet of retail space located on Hwy 95, across from the Havasu airport. JC Penney, Dillard’s and Wal-Mart anchor the center, with junior anchors including Michael’s, Ultra Star Cinemas, PetSmart, Kirkland’s Stores, and Famous Footwear. Leasing activity at the property slowed during the national recession; the property then became embroiled in litigation over lien priorities and other issues. All litigation was settled through the loan workout and sale, and the new owner has begun filling vacancies and turning the property around.