Mason Asset Management plans to redevelop Regency Square Mall, but there are no other details.
The company is actively putting out the call for tenants at Regency Square, the Arlington-area regional mall it bought in February, and a flier sent Wednesday lists three “key features” that end with” “Plans for redevelopment.”
Representatives of Mason Asset Management, based in Great Neck, N.Y., did not return calls or emails seeking comment.
Other “key features” include the location at the corner of the Arlington Expressway and Southside Boulevard, and that the mall is “surrounded by many national retailers,” such as The Home Depot, Target, AMC Theaters and more.
It also says that anchor, inline and freestanding space is available at Regency Square’s property.
The mall is anchored by JC Penney, Belk, Sears and Dillard’s. A new Belk store is under construction several miles east, raising questions about the future of the Regency Belk. Belk has not commented.
Regency Square Mall’s buyers bought the 47-year-old mall for $13 million on Feb. 14. It secured a $10 million mortgage from the Israel Discount Bank of New York on April 25.
Regency Mall Realty LLC, which is the lead company that bought Regency, is a joint venture of Namdar Realty Group LLC and Mason Asset Management, both of Great Neck.
About a week after buying the mall, a representative said the group intended to reposition the shopping center’s tenants to the east side of the mall and was considering redevelopment options for the largely vacant west side of the mall.
The flier says the mall has a gross leasable area of 1.39 million square feet.
Among demographic information, it says that within 5 miles of the mall, there is population of 200,805, total households of 78,508 and average household income of $45,605.
It says 55,000 vehicles a day pass by the mall at 9501 Arlington Expressway, while another 45,000 vehicles travel Southside Boulevard to the west of the mall and 20,000 vehicles drive along Monument Road on the east side.
A separate property listing for Igal Nassim property listings on showcase.com states that Regency Square has space available from 676 to 115,000 square feet.
The owners have remained quiet for most of the four months since buying the mall.
Namdar and Mason focus on buying and redeveloping aging shopping malls. Regency Square was built in 1967 and doubled in size in 1981-82, adding even more space in the early 1990s.
By year-end 2013, the mall was 37.9 percent occupied, down from 60.1 percent at the end of 2012.
City Council member Clay Yarborough, whose district includes Regency Square, said Wednesday evening he was not aware of any specifics related to the development plans.
“Without knowing for sure, this could either mean specific redevelopment plans or just a general idea for future potential without ruling options out,” he said.
Yarborough said his most recent communication with the company representative was Feb. 21.
“I heard that he may have briefly visited town within the last two months, but I do not know and have not heard back from him,” said Yarborough, incoming council president.
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