Lakeshore Mall in Gainesville has new owners.
Texas-based Coyote Management, L.P. and New York-based Garrison Investment Group recently acquired the property for an undisclosed sum of money.
Coyote specializes in regional shopping mall ownership and management while Garrison is an investment company.
The partnership acquired Lakeshore through the U.S. Bankruptcy Court from First Republic Group Realty, LLC.
Lakeshore Mall was opened in 1969 and encompasses more than 500,000 square feet on Pearl Nix Parkway. According to Coyote executives, the mall has not been renovated since 2006.
Current chain retailers include Belk, Victoria’s Secret, JCPenny, Sears and Books-A-Million.
“As we have done in many instances in the past, Coyote expects to implement an extensive strategy involving the renovation and merchandising upgrade of (Lakeshore Mall),” said Michael E. Rulli, Coyote chairman and CEO.
“Coyote Management, on behalf of the partnership, will be managing and leasing the mall, effective immediately.”
First Republic, another New York company, acquired the mall in 2007. In March 2009, First Republic filed a petition for relief with the U.S. Bankruptcy Court. In bankruptcy court documents, the company listed more than $18.2 million in mostly business debts.
To acquire Lakeshore and 10 other malls, First Republic took out more than $126 million in loans. In 2008, Citigroup — one of First Republic’s creditors — attempted to begin foreclose on the realty group’s properties due to three, “manufactured non-financial defaults” on its $111 million loan.
To prevent Citigroup from publicly auctioning off its property, First Republic filed Chapter 11.
Other Coyote properties include Decatur Mall in Alabama, Temple Mall in Texas and Alton Square Mall in Illinois. The Decatur Mall is also a former First Republic property.