Dillard’s closed the department store there in 2008.
Bless Properties is related to the business entity SA Mary Ohio LLC, both of which are owned by the same California-based investment group.
In October, Bless Properties bought for $850,000 the Towne Mall property, 3461 Towne Blvd., according to county auditor records. That property, 13.7 acres and the building, was last appraised for $3.7 million.
“The Dillard’s property, being vacant, prohibited the mall growing and attracting bigger tenants,” said George Ragheb, one of the California owners/investors.
“However, with the Dillard’s property in our possession, it will give us an opportunity to orchestrate a new tenant strategy to bring in the right tenants to the Dillard’s property that will consequently attract the right tenants inside the mall,” he said.
The investors and owners are focused on finding a tenant for the Dillard’s property as fast as possible to increase the ability to lease retail space in the mall, Ragheb said.
“This project will require a huge infusion of cash which we are prepared to invest,” he said.
Ragheb also said the group is renewing the lease with The Performing Arts Academy at Towne Mall, a nonprofit for music education and performing arts.
“The mall is perfect for us. This year we’ve had 6,127 guests come to our shows this year,” said Nina Markle, executive director of the arts academy. “They seem to be trying to work with people in the mall. They are certainly trying to work with us.”
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