ORANGE PARK, Fla. – Orange Park Mall owner Washington Prime Group has, or is near, putting its entire portfolio of 50 shopping centers up for sale as it lays off employees at its corporate headquarters, Jacksonville Daily Record reported.
The property purge includes 10 malls and shopping centers in Florida, including the Orange Park Mall.
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In an email to News4JAX on Monday, a WPG spokesperson confirmed the company is selling off the assets in its portfolio writing that “about half of WPG’s properties sold in the past year, while the remainder of the portfolio is or will soon be on the market.”
The spokesperson says the strategy is “part of WPG’s multi-year journey” but did not give further details.
The 950,000-square-foot Orange Park Mall, which isn’t yet sold, sits on 77 acres at 1910 Wells Road.
The center, which is turning 50 this year, is operating at 97% leasing capacity, according to mall management. It has more than 100 stores.
There could also be big changes coming for the Sears building at the mall, which is separately owned.
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The store closed in 2020, and its 189,796-square-foot shell and associated parking are being marketed as a multitenant building along with five outparcels by commercial real estate services firm The Shopping Center Group.
Sears was among the original stores when the mall opened Sept. 24, 1975.
“This is going to change our front. Right now, it’s empty,” mall General Manager Randy Bowman said.‘Bowman confirmed the Sears store and its former auto service center will be demolished.
Called Orange Park Plaza, a TSCG marketing flyer shows on a conceptual design that the defunct department store’s shell could be divided into four spaces from 10,000 to about 24,000 square feet along Blanding Boulevard.
TSCG’s plan also shows five outparcels, showing stores from 3,000 to 6,000 square feet, including two quick-service restaurants.
Read more on JaxDailyRecord.com.