Is the Newgate Mall purchase a good thing? An S-E reader conversation
Original article published on Standard Examiner
OGDEN — On Monday, Time Equities Inc., a New York commercial real estate firm, purchased Newgate Mall for $69.5 million.
The 50-year-old firm owns shopping centers, business offices and condos in 27 states, Canada and Germany, according to its website.
Retail spaces at Newgate Mall, located at 3651 Wall Ave, are 98 percent leased, a statement from TEI said.
“Because of the nationally known tenant roster, the mall has been profitable for GGP, and Time Equities Inc. can further capitalize upon the remaining vacancies,” said Thomas Dobrowski, who represented General Growth Properties in the transaction, in a statement.
Here’s how readers reacted when we shared the story on Facebook. All quotes are verbatim:
Jeanne Pett Nielsen: I remember when the Ogden City mall was bought by a big out of state firm to rejuvenate it…it closed down soon after.
Alex Rich: It’s the same situation the Ogden City Mall was in, bought by another company and shut down. This is the first step in getting rid of it. The only good thing there is the movie theater and that’s not saying much. The new owners have two choices, renovate it and bring in new/good shopping stores or tear it down and build a new business there, which seems more likely to happen.
Katrina Thompson: Fingers crossed they completely flip it! Keep some of the good stores like: Buckle, Zumiez, Dillard’s, Victoria’s Secret, Famous Footwear, & Bath and Body Works and especially QUILTED BEAR would be my top picks, and just add things that make it more enjoyable to shop at. I like how city creek is indoor/outdoor with lots of little lounges here and there to sit and relax.
Joshua Erickson: Guys, if it was bought buy firm outside then it could bad idea even it could ruin local business.
Amy Steed Morgan (replying to Ericsson): The previous owner was a company based in Chicago…. There’s no “local” being threatened.
Joshua Erickson (replying to Morgan): True but mostly firms buy a property is only in the interest for themselves and not concerned about local jobs.
Melissa N. Peterson (replying to Erickson): Why would they spend almost $70 million on something if they don’t care about it? The previous owners were also out of state and they did updates, and brought in new businesses, some of which are local.
Decker Yazzie: Not very promising. Especially now that the majority of shoppers are online.
Brooke Muir: I’m hopeful the new owners can bring some life to this mall. Ogden needs & deserves better shopping. Good luck!
