Spinoso and investment partner acquire Tennessee mall
One of the nation’s most acquisitive mall developers has partnered with an investment firm on the purchase of a Tennessee
Syracuse-based Spinoso Real Estate Group and Tryperion Holdings have acquired The Mall at Johnson City, a 544,659-sq.-ft. regional mall in Johnson City. The purchase price was not disclosed.
“The Mall at Johnson City is a strong, resilient retail asset that serves a large and healthy trade area with sustained tenant demand,” said Carmen Spinoso, CEO of Spinoso REG. “This acquisition represents the type of opportunity our firm is disciplined in pursuing.”
The closing of the deal marks the first partnership between Spinoso Real Estate Group and Tryperion Holdings, a commercial real estate investment firm focused on equity and credit opportunities within the U.S. middle market.
The anchor lineup at The Mall at Johnson Cityfeatures, Belk, JCPenney, Dick’s Sporting Goods, and Home Goods along with outparcel tenants that include Texas Roadhouse, Chipotle, and Chicken Salad.
“We are excited to acquire this iconic asset alongside a partner as experienced and knowledgeable as Spinoso,” said Jeffrey Karsh, Tryperion’s founder and managing partner . “Our team is looking forward to enhancing The Mall at Johnson City’s shopping experience and preserving its status as a landmark within this rapidly growing region.”
The Mall at Johnson City draws visitors from a trade area of more than 750,000 residents across Northeast Tennessee and Southwest Virginia. A press release from Spinoso REG stated that it faced little direct competition and served as the primary enclosed shopping destination within a 100-mile radius.
The new owners plan to execute a multi-year investment strategy at the property centered on operational excellence and drawing high-value new tenants. Physical enhancements will focus on critical building systems, aesthetic upgrades, and the remerchandising of underutilized space.
“Our investment strategy focuses on assets with solid fundamentals, clear upside potential, and the ability to unlock further value through active management, leasing expertise, and operational improvements,” Spinoso said.
In October, Spinoso REG, along with Kize Capital, acquired the 1 million-sq.-ft. Fairfield Commons mall in Dayton, Ohio.
