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major shopping center located on San Antonio's Northwest Side is up for grabs due to recent financial difficulties. The Ingram Park Mall, a five-anchor, 1.1 million square foot retail hub situated at 6301 NW Loop 410, is being sold off by a Morgan Stanley affiliate. The brokerage firm CBRE's George Good, Jim Batjer, Chris Cozby, Harrison Tye, Pete Meyer, and Grace Moses have been tasked with finding a buyer for two parcels of land totaling almost 23 acres out of the property's 83.5-acre area. The asking price for these parcels is not disclosed, but the mall's 375,000 square feet of retail space is assessed at $70.87 million or $188 per square foot, according to the Bexar Appraisal District.
The Ingram Park Mall was developed by Simon Property Group in 1979 and has been facing financial challenges since 2021 when Simon defaulted on a $145 million loan for the property. The mall was subsequently acquired by a Morgan Stanley affiliate at an auction for $100.7 million. The property is being marketed as a "value-add" investment opportunity, with potential revenue-boosting strategies including leasing a vacant anchor space, enhancing food and beverage options, and possibly acquiring the space occupied by Macy's if it becomes available at below-market rates.
The mall currently has 61 tenants generating almost $5 million in revenue. This news comes after the sale of the former Sears property to Phoenix-based furniture retailer Mega Furniture for an undisclosed amount in 2022. The portion of the property was assessed at $7.2 million at the time of the sale.
San Antonio has six regional malls, but only Ingram Park, North Star, and the Shops at La Cantera are considered functional mall properties with a ranking of B+ or better by Green Street Advisors. Unlike many other malls struggling with high vacancy rates and declining foot traffic, Ingram Park Mall boasts an impressive occupancy rate of 88.8 percent and recent improvements totaling $21 million.
This news is in contrast to other malls like Kushner scores $415M for Monmouth Mall redevelopment, Miami International Mall's market value plummets to $159M, and Macerich near to close on $115M refi for High Desert mall, which are struggling with their own financial issues.
