Towne Square Mall

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Coordinates: 37°43′14″N 87°07′41″W / 37.720572°N 87.1281856°W / 37.720572; -87.1281856
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Towne Square Mall
Map
LocationOwensboro, Kentucky, United States
Coordinates37°43′14″N 87°07′41″W / 37.720572°N 87.1281856°W / 37.720572; -87.1281856
Address5000 Frederica Street
Opening dateMarch 1, 1978[1]
ManagementGulfstream Commercial Services LLC[2][3]
OwnerTSM Holdings LLC[4]
No. of stores and services52[5][needs update]
No. of anchor tenants3[5]
Total retail floor area437,752 square feet (41,000 m2)[6]
No. of floors1[5]
Parking2,493 spaces[5]
Websitewww.shoptownesquare.com

Towne Square Mall is a shopping mall located in Owensboro, Kentucky.[3][6][7]

History

Towne Square Mall was built by David Hocker and Alan Squitieri for $20 million, with Squitieri later being bought out.[8] It opened on March 1, 1978, and was one of the largest shopping centers in the area.[1] JCPenney moved to the mall from downtown.[7] Heitman Advisory Corporation (Heitman Financial) purchased most of the malls shares in 1987. Hocker and Associates continued as management.[8] TS Partners (Heitman Real Estate Fund III and Southwestern Bell Corporation Master Pension Trust) sold the mall for $29 million to Aronov Realty Management and NationsBank of Texas in 1998.[8] Lakestar Properties purchased the mall for $29 million in April 2007 from Aronov Realty Management.[1] Sears closed in December 2014.[9]

U.S. Bank National Association foreclosed on the mall in July 2015, with the mall owing $27.6 million.[1] Jones Lang LaSalle managed the mall as its receiver.[10] U.S. Bank later purchased the mall at auction for almost $19 million.[11] Kohan Retail Investment Group purchased the mall for $2.9 million in May 2018. Macy's was not part of the sale due to owning its building. Additional property purchases around the mall totaled $1.1 million.[12][13] Towne Square Mall was again sold in December 2019 to Towne Square Mall Holdings LLC (TSM Holdings LLC) for $5.15 million.[2][3][4] Management of the mall was changed to Gulfstream Commercial Services LLC, one of its owners.[2][3] Macy's closed in Spring 2020.[14] JCPenney closed later in 2020.[7][15]

The former Macy's, not owned by the mall, was sold to Owensboro Indoor Sports LLC for $1.25 million in July 2020. Plans are to convert the building to a sports facility. [16][17] Due to the COVID-19 pandemic, the plans are delayed as of January 2021.[18]

References

  1. ^ a b c d Lawrence, Keith (July 10, 2015). "Bank seeks foreclosure of Owensboro mall". The Messenger. The Messenger-Inquirer. Retrieved 12 December 2019.
  2. ^ a b c Mayse, James (December 10, 2019). "Local investors purchase Towne Square Mall". Messenger-Inquirer. Retrieved 12 December 2019.
  3. ^ a b c d Lawrence, Keith (December 11, 2019). "Ray says mall can again be destination". Messenger-Inquirer. Retrieved 12 December 2019.
  4. ^ a b "TSM Holdings buys Towne Square Mall". The Owensboro Times. 10 December 2019. Retrieved 12 December 2019.
  5. ^ a b c d "Towne Square Mall" (PDF). Jones Lang LaSall. Retrieved 11 December 2019.
  6. ^ a b "Towne Square Mall" (PDF). Veritas Realty. Retrieved 11 December 2019.
  7. ^ a b c Lawrence, Keith (July 15, 2020). "JCPenney closing mall store, 153 others". Owensboro Messenger-Inquirer. Retrieved 17 July 2020.
  8. ^ a b c Lawrence, Keith (February 11, 2016). "Clock ticking for Owensboro mall". The Messenger. The Messenger-Inquirer. Retrieved 12 December 2019.
  9. ^ Campbell, Joy (September 20, 2014). "Sears closing Owensboro store: 52 employees affected; target date is Dec. 7". The Messenger. The Messenger-Inquirer. Retrieved 12 December 2019.
  10. ^ Lawrence, Keith (July 30, 2015). "Owensboro mall appears headed for auction block". The Messenger. The Messenger-Inquirer. Retrieved 12 December 2019.
  11. ^ "U.S. Bank Buys Towne Square Mall in Owensboro". Eyewitness News (WEHT/WTVW). 16 February 2016. Retrieved 12 December 2019.
  12. ^ Lawrence, Keith (May 16, 2018). "New York investment firm buys Owensboro mall". Kentucky New Era. The Messenger-Inquirer. Retrieved 12 December 2019.
  13. ^ Kapusta, Katie (May 15, 2018). "Towne Square Mall has a new owner". 14news. WFIE. Retrieved 12 December 2019.
  14. ^ "Macy's in Towne Square Mall to close". The Owensboro Times. 6 January 2020. Retrieved 20 February 2020.
  15. ^ Erin, McNally (June 5, 2020). "JC Penney permanently closing Owensboro location". 14news. WFIE. Retrieved 17 July 2020.
  16. ^ Pickens, Katie (16 July 2020). "Former Macy's could be converted into indoor sports complex". The Owensboro Times. Retrieved 17 July 2020.
  17. ^ McNally, Erin (July 16, 2020). "Owensboro Indoor Sports LLC purchases old Macy's property". WFIE. Retrieved 17 July 2020.
  18. ^ Lawrence, Keith (January 1, 2021). "Greater Owensboro Realty sold". Owensboro Messenger-Inquirer. Retrieved 2 January 2021.

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