JACKSONVILLE, Fla. -- Regency Square Mall has a new owner and possibly new hope.
The 47-year-old mall located on Arlington Expressway has seen a decline in popularity over the years with growing competition. The property recently sold to Namdar Realty Group and Mason Asset Management for $13 million.
A deed was signed on Valentine's Day and recorded with the Duval County Clerk of Court Thursday. General Growth Properties paid nearly $72 million for the mall in 1991. The purchase does not include Sears and Dillard's or their parking lots, which are owned by the department stores.
Jacksonville native Isaiah Bing said he has high hopes for Regency Square Mall. An announcement on exact plans have not yet been made. Namdar Realty Group tweeted about the acquisition, in partnership with Mason Asset Management. Both Namdar and Mason are based in Great Neck, New York. Namdar's portfolio includes strip malls, medical and office buildings.
"There are barely any stores opened now," said Bing. "And there's not a lot of activity like there used to be."
In September of 1976, then Presidential candidate Jimmy Carter helped to pack the mall during a campaign stop. Since then things have certainly changed.
"It's definitely taken a down fall over the last couple of years," said Bing.
He said he and his friends choose to visit other shopping centers nearby, including The Avenues, River City Marketplace and St. Johns Town Center. So what will it take to lure shoppers back to Regency Square?
"Adding a lot more trendy and popular stores," said Bing.