Salt Lake-based JP Realty Inc. has purchased the 440,000-square-foot Visalia Mall in Visalia, Calif., that is anchored by J.C Penney and Gottschalks.
JP officials said the mall already is 95 percent leased following a recent renovation that included anchor tenant expansion, the ad-dition of a new food court, the renovation and expansion of additional tenant shop space and a new 1,000-stall parking facility.The mall acquisition was financed by using $37.6 million of the company's revolving credit facilities and proceeds from a property exchange of one of the com-pany's free-standing retail properties in West Valley City.
JP officials said the acquisition is in line with the company's strategy of continually owning retail properties, which are the dominant and major retail hubs within certain trade areas.
Company officials said that with the Visalia acquisition they own 13 enclosed regional malls, 24 anchored community centers, two free-standing retail properties and six mixed-use properties with a total of 10.8 million square-feet of leasable space in 10 Western states.