About five months after reports that Orange Park Mall ownership Washington Prime Group planned to sell its assets, Boca Raton-based Second Horizon Capital acquired the 950,000-square-foot plaza Aug. 19.
The sale price was not disclosed in a news release and is not yet listed on the Clay County clerk of court and comptroller’s website.
Orange Park Mall has been removed from WPG’s website, but its other nine Florida properties remain. The Ohio-based retail real estate company has 30 properties in its portfolio, the site says.
Second Horizon said it plans to begin investing immediately in the mall, including improvements to common areas, community engagement resources, safety operations and infrastructure, according to an Aug. 20 news release.
The firm also said it “will expand the mall’s programming calendar and foster more local partnerships to support its ongoing role as a community hub.”
“Throughout its 50-year legacy, Orange Park Mall remains a core retail destination for the Clay County community and greater Jacksonville area,” said Second Horizon Capital Managing Partner and co-founder Howard Levine.
“We see significant opportunities to strengthen this center through targeted investments in the center’s retail line-up, operating capabilities and community engagement. Our focus is to help ensure that Orange Park Mall remains a welcoming and vibrant destination for residents, visitors and tenants for decades to come.”
The sale of the mall, at 1910 Wells Road in Orange Park, marks Second Horizon Capital’s sixth acquisition since the company’s founding in 2021.
Its other properties include Chicago Ridge (Illinois) Mall; Kingston (Massachusetts) Collection; Layton Hills Mall in Layton, Utah; Park Plaza in Little Rock, Arkansas; and Stony Point Fashion Park in Richmond, Virginia.
Second Horizon has engaged CBRE Group for Orange Park Mall property management and leasing operations.
In an April 24 email, a WPG spokesperson confirmed the company is selling off its portfolio assets, writing that about half of WPG’s properties sold in the past year, while the remainder are or will soon be on the market.
The spokesperson said the strategy is part of WPG’s “multi-year journey” but did not give further details.
Commercial real estate research company CoStar Group reported April 15 that WPG’s assets are coming on the market at a critical loan repayment time, with the company facing nearly $1.1 billion in commercial mortgage-backed securities debt coming due between May and November.
The Ohio-based company, which filed for bankruptcy in 2021 and subsequently went private, has sold roughly $1 billion in properties in recent years, according to CoStar.
In addition to the sales, WPG filed a Worker Adjustment Retraining and Notification notice in Ohio on April 2, alerting state officials it was laying off 139 employees at its headquarters.