Towne Square Mall

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

Towne Square Mall
LocationOwensboro, Kentucky, United States
Coordinates37.720572°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]
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

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 late 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. Lawrence, Keith (July 10, 2015). "Bank seeks foreclosure of Owensboro mall". The Messenger. The Messenger-Inquirer. Retrieved 12 December 2019.
  2. Mayse, James (December 10, 2019). "Local investors purchase Towne Square Mall". Messenger-Inquirer. Retrieved 12 December 2019.
  3. Lawrence, Keith (December 11, 2019). "Ray says mall can again be destination". Messenger-Inquirer. Retrieved 12 December 2019.
  4. "TSM Holdings buys Towne Square Mall". The Owensboro Times. 10 December 2019. Retrieved 12 December 2019.
  5. "Towne Square Mall" (PDF). Jones Lang LaSall. Retrieved 11 December 2019.
  6. "Towne Square Mall" (PDF). Veritas Realty. Retrieved 11 December 2019.
  7. Lawrence, Keith (July 15, 2020). "JCPenney closing mall store, 153 others". Owensboro Messenger-Inquirer. Retrieved 17 July 2020.
  8. 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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