Who was it again that bought the West Oaks Mall out of bankruptcy earlier this month, for the bargain price of $15 million? Just an L.A. investment group called Pacific Retail Capital Partners. That firm’s principals, then with a company called Somera Capital, are the same people who sold the 1.1-million-sq.-ft. mall at Westheimer and Hwy. 6 in 2005 to Investment Partners of America, the “investment” vehicle of high-rolling 1031 Exchange king Edward H. Okun, after a quick 2-year spiff-up.
Okun paid Somera $102 million. Yes, that Edward H. Okun.
This time, the mall’s a whole lot cheaper, but it’s not in such good shape, either. Mervyn’s and J.C. Penney are gone. The rest of the mall is at 60 percent occupancy. “Over the past couple of years, several tenants tried to renew,” Somera Capital’s (and now Pacific Retail’s) Stephen Plenge tells Globe St., “and no one would return their phone calls.” The new owners say the Mervyn’s wing is likely to be redeveloped.
- West Oaks Mall Goes Back to Former Owner [CoStar Group]
- Buyer Takes 1M-SF West Oaks: Again [Globe St.]
- Los Angeles company acquires West Oaks Mall [Houston Business Journal]
- Previously on Swamplot: Okun Gets 100 Years; How Many for the West Oaks Mall?, Comment of the Day: Former West Oaks Mall Owner To Retire in New Home, JCPenney at West Oaks Mall: To the Bank, Delinquent Debt: West Oaks Mall Sale!, West Oaks Mall: Your Exchanges Are No Good Here
Photo of West Oaks Mall visitors: Joel Barhamand