Rockwood Capital and Petrie Richardson Ventures, the sellers, were represented by Newmark Knight Frank. Petrie Richardson is also rumored to have purchased Lakeforest Mall a few months back, but representatives have not commented on the rumored acquisition.
The five-story Mall was purchased by GBT Realty Corp. In the purchase, the Tennessee-based company has also bought the rights to build 250,000 sq ft. higher (air rights).
Petrie Richardson Ventures acquired ownership and management of the former City Place Mall in 2012 in a joint venture with Rockwood Capital. They reopened the renovated mall in 2016.