Delaware Online.com (subscription) reported Friday that Concord Mall has been sold by north Wilmington based Allied Retail Properties.
Neither the sales price, nor the identity of the buyer was not announced.
The 800,000 square-foot mall is anchored by Sears, Macy’s and Boscov’s but has been struggling with a declining occupancy rate for interior stores, due to what some have described as the “retail apocalypse.”
The shopping center is limited in expansion and upgrade options, due to its confined location along Concord Pike.
The center did survive a challenge to its existence with the development of the Brandywine Town Center a couple of decades ago.
The center at a former harness racing racing track was envisioned as a regional shopping destination like Christiana Mall after a lengthy battle with angry residents.
Despite gaining approval from the county, the center fell short of its original vision. While it attracted retailers like Target and Lowe’s, it never could find tenants for its interior space, which was converted to offices. Meanwhile, Concord Mall tenants, like Macy’s, stayed put.
By contrast, Christiana Mall remains a destination location for shoppers. Unlike Christiana Mall, Concord Mall has not undergone a major upgrade in recent decades.
The mall area did score a win when Phoenix-based Sprouts took space at the edge of the mall that had been vacated by Barnes and Noble, which moved to a smaller location on Concord Pike. Allied will continue to own the strip center housing Sprouts, Delaware Online reported.
The Route 202-Concord Pike area remains a popular location for retailers and related businesses, due to to favorable demographics and its location in sales tax-free Delaware.
Allied Retail Properties continues to have a large portfolio of retail properties in the Wilmington area that include the Christiana Town Center and the Christiana Fashion Center near the mall, and Merchants Square in the Edgemoor area near Wilmington.
Jim Oeste, vice president of real estate for the family owned company based in north Wilmington, did not immediately respond to a request for comment.
