Amarillo’s Westgate Mall sold to new owners
AMARILLO, Texas (KFDA) - Today Westgate mall was purchased by a group of New York investors.
At the time of purchase, only 80 percent of the mall was occupied by retailers.
“80 percent is not a great rate, but the hope being that obviously with the money that these folks put back into this that it will create a higher occupancy rate for them,” said Ben Whittenburg with Gaut Whittenburg Emerson Commercial Real Estate.
Mason Asset Managemnet, Namdar Realty Group and CH Capital Group, all out of New York, teamed up to purchase two Texas malls for undisclosed amounts. The Westgate Mall in Amarillo and the South Park Mall in San Antonio together total 1.2 million square feet obtained by the investors.
“We want the new buyers to care about the community, which I would presume they do. You generally don’t put the amount of money into a property that these guys have done and not want to make it better for the community. In turn, it makes it a better investment for them in the long run,” said Whittenburg.
In 2012 about one third of Westgate Mall profits came from shoppers residing outside of Amarillo.
“Amarillo plays a hub for the entire Panhandle, so you get people from Pampa, people from Dumas, people from Tucumcari coming into Amarillo to shop, and so it’s important for us to have that mall,” said Whittenburg.
Copyright 2020 KFDA. All rights reserved.