A New York real estate company specializing in closed shopping malls bought Plano’s Shops from Willow Bend.
Syracuse-based real estate group Spinoso said on its website that it now owns the property, which opened just before the 2001 terrorist attacks and was one of the last closed shopping malls to be built. in the USA. The company has yet to respond to a request. for information.
âRecently acquired property. Soon the landing page! Is the message on the Spinoso page display the shopping centers it owns.
The company owns more than two dozen shopping centers and has experience in their redevelopment. It was founded in 2009 by Carmen Spinoso, a shopping center industry veteran who decided there was a need for an experienced business as the shopping center business rapidly consolidated.
Starwood Retail, which owned the mall until last year, was unable to refinance a $ 137.5 million loan maturing in late 2019. The loan was secured by Plano mall and two others. shopping centers in Dearborn, Michigan, and Richmond, Virginia.
Willow Bend’s outstanding balance was $ 65.7 million and the three malls got the original loan of $ 161 million. Starwood defaulted on the loan and the 1.4 million square foot two-story mall has been lender-controlled since early 2020. The Woodmont Co. manages the property.
This year, the Collin County Assessment District lowered the property’s tax value to $ 107 million, down nearly 22% from $ 136.65 million in 2020.
While The Shops at Willow Bend is an attractive mall that is in good physical condition, it has lost tenants over the years and customer traffic was low even before the pandemic. It is anchored by Neiman Marcus, Dillard’s and Macy’s. The mall is located along the Dallas North Toll Freeway between the Stonebriar Center in Frisco to the north and Galleria Dallas to the south.
Its original owner and developer Taubman Co. and second owner Starwood, who bought the mall in 2014, have invested millions of dollars to change the makeup of the mall and increase traffic.
Taubman turned a wing into a home furnishings destination by building new stores for Crate & Barrel and Restoration Hardware and bringing Mitchell Gold + Bob Williams and Z Gallerie into the mall.
Later, Starwood built an open-air restaurant wing facing the freeway. He also built a new area of ââthe mall for the Crayola experience in 2018.
The most recent setback came late last year when CinÃ©polis Luxury Cinemas scrapped plans for Willow Bend while the building housing the theater was under construction.