The Citadel Mall in West Ashley Goes For $17 Million

The Citadel Mall in West Ashley, one of the state’s largest shopping plaza, has sold for $17 million. It’s believed that presently, the 37-year-old outlet serves 290,000 people annually within a 10-mile radius.

The massive shopping and entertainment complex Citadel Mall houses some stores, including Bath and Body Works, Victoria’s Secret, Palmetto Moon, Sesame Burgers, LOFT, and NY&Co. The anchor stores Belk, Dillard’s, Sears, Target, and JCPenney owner their buildings (not a part of the property sale) are also on site, and the Citadel Mall Stadium 16 IMAX Theater and the VSKI salon are key fixtures, as well. The establishment has some amenities as well, including mail and parcel services, complimentary wheelchair loan, ATMs, smart wheels stroller rentals, and much more. The mall opened in 1981.

Though the mall is fully operational, the shopping center has long been struggling. Some years ago, the value of the property was so substantial that a past owner was able to borrow $75 million against it. Years later, the plaza sold for a meager $17 million, according to real estate broker Newmark Grubb Knight Frank.

Except for the anchor sites, which accounts for 72 percent of the mall’s total square footage, the plaza changed hands just three years ago as part of a $65 million lawsuit. Local company 2070 Sam Rittenberg Boulevard Holdings LLC was the previous owner, but the name of the new owner has yet to be disclosed. The sale includes 290,620 square feet of space, including 55,000 square feet of unleased space.

Following the onslaught of recession devastation, approximately 25 percent of the mall was empty. This cut into proceeds received by tenants, who are now interested in drawing in more tenants, which would attract more customers The CBL & Associates Properties, then-owner, to miss mortgage payments on the outstanding $75 million loan, which then owners borrowed in 2007. In as few as six years, the value plummeted to $24 million, thanks to insufficiencies and declining cash accrual.  

Among the many buyers is  ‘Flip This House’ creator Richard C. Davis. While he provided no comment to local news outlets, it’s stated they the buyers hired one of the nation’s largest management firms, JLL to manage the signing and leasing of the property. The new owners are intent to “to work with the city of Charleston and other key groups in town to bring mixed-use and add greater amenities to the mall,” According to Post and Courier.