Legal News & Attorney Services

DeSoto Square Mall To Be Sold At 3-Day Bankruptcy Auction

BRADENTON, FL — The DeSoto Square Mall, which closed permanently in April, is being sold at a three-day bankruptcy auction that ends Thursday.

The former mall’s auction, which kicked off Tuesday and required a $1 million bid deposit to participate, is being handled by CBRE.

According to the Bradenton property’s listing on Loopnet, the nearly 570,000-square-foot mall sits on 58 acres. It’s currently 20 percent leased and tenants include Hudson’s Furniture, which occupies one of the 100,000-square-foot anchor spaces through January 2024.

The property, which is located at 303 U.S. 301 Blvd. West, flexible zoning allows for various redevelopment opportunities, CBRE said.

“The property presents developers/investors the perfect opportunity to acquire an incredibly well-located piece of real estate at a major highway interchange in a strong Florida metro market with various opportunities for redevelopment,” according to the real estate company.

DeSoto Square Mall opened in 1973. At the height of its popularity, it had 104 tenants, including three anchors, 13 kiosks, 88 in-line store and one detached building that is currently occupied by Bridgestone/Firestone, CBRE said.

After being bought out of foreclosure in 2012, redevelopment plans were announced, but never came about.

The mall’s previous owners still owe its lender, Romspen U.S. Master Mortgage LP, which is based in the Cayman Islands, nearly $21.79 million.

The mall’s previous owners filed for Chapter 11 bankruptcy protection in September 2020 before its doors were closed for good in April.

There are conceptual plans for a proposed redevelopment of the property, CBRE added. This potential redevelopment includes a nearly 129,000-square-foot retail lifestyle center, a 30,000-square-foot grocery store anchor, 80,000 square feet of office space, three retail outparcels, two multi-family communities – one with 345 units and another with 360 units – and a 100-unit senior housing facility.


Leave A Reply

Your email address will not be published.