The owners of Regency Square Mall said Oct. 2 they are selling the 56-year-old Arlington shopping center that they bought in 2014.
“The company has recently finalized a contract for the sale of Regency Square Mall. More information will be provided as the buyer’s identity becomes public,” said a statement from a representative of Namdar Realty Group.
Regency Realty LLC, a partnership of Mason Asset Management and Namdar Realty Group LLC, both based in Great Neck, New York, paid $13 million for the bulk of the 1.4 million-square-foot mall Feb. 14, 2014. Since then, tenants have come and gone, mostly the latter, and just one national retailer remains among several local tenants in the east wing of the mall that is open to the public.
That purchase included the AMC Theatres property, which Regency Realty then sold.
The representative did not provide more information Oct. 2 about the identity or potential use of the mall under new ownership or when the sale will be completed.
The statement comes as state Sen. Clay Yarborough asks ownership to take action to fix “the current state of distress of the Regency Square Mall.”
“It is of utmost importance for remedial action to be taken immediately,” he wrote to owners Sept. 8.
The part of the 56-year-old mall at 9501 Arlington Expressway in Arlington still open to the public is marked by security tape around trash containers to collect water from the holes in the ceiling, where water damage has spread.
Yarborough cites a property “afflicted with” problems that include structural deterioration with holes in the ceilings, some with exposed electrical wiring that could pose fire hazards.
“The damage has led to ongoing water leaks, which, coupled with the lack of air conditioning, have caused visible mildew and mold growth, posing great health and safety risks to any occupants,” he wrote, providing photos of the damage.
“This can quickly and easily lead to legal liabilities for you as the property owner and manager,” he wrote.
Yarborough labels his letter to Namdar Realty Group and Mason Asset Management as an “Urgent Appeal for Intervention at Regency Square Mall in Jacksonville, Florida.”
Writing as a local resident and a government official representing the area, “I am compelled to bring to your attention the pressing issues that continue to contribute to the severe deterioration of this once-thriving commercial property,” Yarborough said.
Yarborough is a Republican who represents District 4 in Duval and Nassau counties. He has long served the area that includes Arlington.
He was elected to Jacksonville City Council for two terms 2007-15, serving as president in 2014-15. He then served in the state House of Representatives from 2016-22 before being elected to the state Senate in 2022.
Yarborough wrote to Namdar and Mason Asset Management that Regency Square Mall has faced significant unaddressed challenges for months that cause “immense hardship” for tenants and visitors.
He said one of the most concerning issues is the lack of ventilation and air conditioning, “which has turned the mall into an unbearable environment” whose “stifling heat is negatively impacting employees and driving away would-be customers, resulting in reduced foot traffic and, consequently, the inability for tenants to continue operating their respective businesses in the mall.”
Few tenants remain in the 56-year-old mall, which Namdar and Mason Asset Management bought in February 2014.
It bought much of the 1.4 million-square-foot shopping center, although several of the closed department stores are separately owned.
Most national retailers left. LensCrafters has closed at the mall entrance and Bath & Body Works has remained shuttered, with the sign posted for months that “we are temporarily closed due to the temperature in the mall.”
Jimmy Jazz remains but is expected to leave.
Belk, in the center of the mall, was sold to Impact Church of Jacksonville Inc., which operates in the space.
Dillard’s owns and operates a clearance center in a north wing and separate owners are trying to sell the closed Sears store at the end of the west wing.
Yarborough copied the letter to District 16 Florida Rep. Kiyan Michael, Florida Department of Business & Professional Regulation Secretary Melanie Griffin, Mayor Donna Deegan, District 1 City Council member Ken Amaro and City Municipal Code Compliance Division Chief Thomas Register.
Amaro said Sept. 29 that the community “is tired of the mall ownership.”
He said if owners are not going to be “a productive partner in Arlington, they too should leave.”
Yarborough asked Igal Namdar with Namdar and Elliot Nassim with Mason Asset Management to visit the mall and assess the situation.
“Please understand that my intention is not to place blame, but to advocate on behalf of the community and businesses,” Yarborough wrote.
“Witnessing firsthand the challenges faced by those operating on your property will undoubtedly amplify the urgent need for corrective measures.”
He said that as concerns about the mall have increased over time, “swift intervention could stabilize the property and hopefully retain current tenants, potentially aid to attract new business and revive the mall’s appeal, and help to rebuild the support of the community.”
Regency Square Mall called itself the largest shopping center in the Southeast when it opened in 1967. It was filled with more than 100 department stores, boutiques, specialty retailers and food vendors.
The center doubled in size in 1981-82 and added more space in the early 1990s.
It began struggling with tenant losses after The Avenues mall opened in 1990 and the area’s population growth shifted to Southside.