Ashtabula Towne Square

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Ashtabula Towne Square
Ashtabula Towne Square
Location Ashtabula, Ohio, United States
Coordinates 41°52′55″N80°45′22″W / 41.882015°N 80.756142°W / 41.882015; -80.756142
Address3315 N. Ridge East, Unit #700
Opening date1992
Previous namesAshtabula Mall
Developer Cafaro Company
OwnerSure Fire Group, LLC [1]
No. of stores and services25 (space for 70)
No. of anchor tenants 8 (All 8 vacant as of 2021)
Total retail floor area 1,074,470 square feet (99,822 m2) [2]
No. of floors1

Ashtabula Towne Square, formerly Ashtabula Mall, is an enclosed shopping mall serving the city of Ashtabula, Ohio, United States. It has the capacity for 70 stores as well as a food court. The mall does not have an open anchor store.

Contents

The mall has six vacant anchors last occupied by Sears, Steve & Barry's, Super Kmart, JCPenney and two locations of Dillard's. The mall has a gross leasable area of 1,074,470 sq ft (99,822 m2).

History

Ashtabula Towne Square opened in 1992 as Ashtabula Mall. The mall featured Dillard's, JCPenney, Kmart (later expanded into a Super Kmart), Phar-Mor, Carlisle's, and Sears as anchor stores. The Kmart and Phar-Mor stores were both prototypes, with the latter also being that chain's 300th store. [3] While Sears and Phar-Mor opened in August of that year, the mall itself did not open until the fall. [4] Carlisle's closed in 1994 with the chain's demise [5] and was later converted to a Dillard's Home Store.

Phar-Mor closed in the mid-late 1990s. Steve & Barry's replaced Phar-Mor in 2005. Also, Dillard's closed the Home Store to focus on fashion apparel but ended up also closing its main location in 2007.

The mall was purchased from the original developers, Cafaro Company by Cabot Investment Properties in 2007 [6] for $44.4 million and renamed the Ashtabula Towne Square in 2008. [7] [8] Since the mall's renaming, several more stores have closed, including Old Navy, Spencer's Gifts, Claire's, Fashion Bug, Lane Bryant, Payless ShoeSource, Wendy's, GameStop, Mr. Hero, and J.B. Robinson Jewelers. [8] Ruby Tuesday also closed its Ashtabula Mall location in March 2008, [9] followed by Steve & Barry's in October. Finish Line, Inc., King's Jewelers and Zales have also closed since early 2009, [10] and Waldenbooks closed in early 2010. [11]

Bank of America foreclosed on Cabot Investment Properties in 2011 then owners of the mall. [12] In 2011 and 2012 lawsuits were filed against Cabot by investors asserting fraud. [13] [14] Sears closed in 2012

In October of 2014 local investment group Sure Fire Group, LLC purchased the mall from Morgan Stanley Capital I Inc. for $6.1 million. [15] Morgan Stanley Capital I bought the property from a receivership.

Kmart closed in 2016, which made JCPenney and Dunham's Sports the last anchors to be occupied at the time. [16]

Ashtabula Towne Square and attached properties was sold in February 2020 by Sure Fire Group, LLC to Ashtabula Mall Realty Holding LLC (Kohan Retail Investment Group) for $10.2 million. [1] [17]

On June 4, 2020, JCPenney announced that it would close by around October 2020 as part of a plan to close 154 stores nationwide. [18] After JCPenney closed, Dunham's Sports will be the one and only anchor store left, which closed in 2021.

The AMC Classic 6-screen movie theater closed on July 20, 2023. [19]

August 23 2023 Sure Fire Group, LLC, bought back the mall for $2.5 million from Kohan Retail Investment. [3]

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References

  1. 1 2 Terry, Shelley (September 19, 2020). "Sure Fire Group buys back the mall". Star Beacon. Retrieved 20 September 2023.
  2. ↑ Ashtabula Mall Archived September 30, 2007, at the Wayback Machine , International Council of Shopping Centers. Accessed August 9, 2007.
  3. 1 2 "Phar-Mor cuts ribbon #300" http://findarticles.com/p/articles/mi_m3374/is_n15_v14/ai_12511786
  4. ↑ "Phar-Mor opens no. 300; denies plans for IPO" http://findarticles.com/p/articles/mi_m3092/is_n15_v31/ai_12540133
  5. ↑ Carlisle Retailers puts itself on sales block; still hopes to file own Chap. 11 plan. (Chapter 11 bankruptcy reorganization plan) (Brief Article)
  6. ↑ sterry@starbeacon.com, SHELLEY TERRY-Staff Writer- (2007-08-17). "New owners for mall". Star Beacon. Retrieved 2023-12-24.
  7. ↑ Terry, Shelley (2008-10-30). "Mall goes to Towne". Star Beacon . Archived from the original on 2012-09-15. Retrieved 2009-03-03.
  8. 1 2 "Old Ashtabula mall sign leaves 'Towne' to make room for new". Star Beacon . 2009-02-21. Archived from the original on 2013-02-03. Retrieved 2009-03-03.
  9. ↑ Cook, Doris (2008-03-31). "Good-bye, Ruby Tuesday, graffiti, litter mark end". Star Beacon . Archived from the original on 2013-02-03. Retrieved 2009-03-03.
  10. ↑ "Two more stores leaving Ashtabula Towne Square". Trading Markets.com. 2009-04-10. Retrieved 2009-06-08.[ permanent dead link ]
  11. ↑ "Waldenbooks leaving Ashtabula Towne Square » Local News » the Star Beacon; Ashtabula, Ohio". www.starbeacon.com. Archived from the original on 11 September 2012. Retrieved 6 June 2022.
  12. ↑ TERRY, SHELLEY. "Mall's future in question". Star Beacon.
  13. ↑ "Clotfelter v. Cabot Investment Properties, LLC, Case No. 5:10-cv-235-Oc-10GRJ | Casetext Search + Citator". casetext.com. Retrieved 2023-12-24.
  14. ↑ Kearn, Rebekah (August 29, 2012). "$15 Million Demand in Tangled Mall Deal".
  15. ↑ sterry@starbeacon.com, SHELLEY TERRY / (2014-10-18). "Local investors buy Ashtabula Towne Square". Star Beacon. Retrieved 2023-12-24.
  16. ↑ Hutton, Matt (April 21, 2016). "Ashtabula Super Kmart closing". The Star-Beacon. Retrieved 23 April 2016.
  17. ↑ Naymik, Mark (February 14, 2020). "Chapel Hill Mall owner buys struggling Ashtabula Towne Square mall". WKYC. Retrieved 2 April 2020.
  18. ↑ "JCPenney Store Closings – Penney IP LLC". companyblog.jcpnewsroom.com.
  19. ↑ https://cinematreasures.org/theaters/64076
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