Cedar Rapids, Iowa News, Sports, and Weather
Westdale Mall is Back on the Market
By Dave DeWitte, Reporter
CEDAR RAPIDS, Iowa - Westdale Mall, which had been reported to be near a sale, is back on the market.
Jones Lang LaSalle Capital Markets announced Monday that it has re-listed the property for its owners.
The mall is 53.6 percent occupied, according to a statement from the Chicago-based real estate finance and sales company.
The owner's hope to target "more local and regional entrepreneurial investors who have the capital to revitalize the property," Jones Lang LaSalle reported. It described the 619,392-square-foot, enclosed, two-level regional mall as a "value-add/redevelopment opportunity."
The listing did not offer a specific asking price.
Commercial real estate agent and property owner Scott Olson of Skogman Realty was part of a local group that was one of seven submitting bids to Jones Lang LaSalle for Westdale Mall last year.
Olson said his group withdrew because the seller's requirements were too stringent. Olson was under the impression that Jones Lang LaSalle had struck a deal with another bidding group, "but apparently they backed out.
Real estate broker and developer Gerry Ambrose of Coralville was among those who had been told by city officials that a sale of Westdale Mall was in the works.
Ambrose was one of the developers of Edgewood Station, a new strip center on the perimeter of the mall property.
Ambrose, who is not interested in buying the mall, believes the mall will require major redevelopment which will likely require a significant city role.