The Village at Orange, a mall that has been renovated twice in attempt to boost foot traffic, has been sold by its landlord, Vestar.
Rumors of a sale have swirled through Orange in recent days. Vestar refused to comment, but employees confirmed the 45-year-old mall had been sold and an announcement was imminent.
The mall off North Tustin Street got a facelift a year ago as Vestar spruced up the facade and added a few new retailers and restaurants.
Such a sale, or flip, is common for properties like this, retail experts say.
Developers like Vestar come in to “aging centers, re-tenant them, and sell them for a premium,” said Michael Brandon, owner of Newport Beach-based retail restaurant consulting firm Brandon-California.
Vestar also owns The District at Tustin Legacy and The Shops at Rossmoor. It acquired the 855,728-square-foot Orange mall in 2013 with an eye for revitalizing the tired shopping center, whose last major upgrade was in 2004. Last year the developer secured a $45 million loan to cover the acquisition, as well significant upgrades.
“We feel that the center has struggled in the past and that with our investment and the opening of new stores, it will regain its relevance in the community,” Axtell told the Register last year.
Anchors Wal-Mart and JCPenney remain busy but interior corridors often suffer from a lack of foot traffic. The wing near Sears has a handful of vacancies covered by signage proclaiming “exciting new stores coming soon.”
Construction crews worked at the mall for months, upgrading various parts of the mall including its main entrance. Much of the work occurred during the busy holiday season last year, causing traffic jams in key parking lots.
The mall has welcomed new tenants that appear to be targeting a younger demographic: The Habit Burger Grill, Buffalo Wild Wings, Noodles & Company, Ulta Beauty and Jimmy John’s Gourmet Sandwiches.
Last year, Home Goods, the household division of TJ Maxx, replaced the shuttered Old Navy. Buffalo Wild Wings moved into the former Oggi’s full-service space near Walmart. San Clemente-based Oggi’s used the mall to test a build-your-own, fast-food pizza concept.
