Amarillo’s Westgate Mall Sold to Three New York Investors
Struggling Westgate Mall which is only at about eighty percent occupancy of its retail space has been sold to Mason Asset Management, Namdar Realty Group and CH Capital Group all of New York. The sale price was not disclosed, however the 663,978-square-foot Westgate Mall, the only enclosed mall in roughly a one hundred-mile radius. It was last assessed in 2019 for more than $52 million.
The sale of Westgate Mall also included the San Antonio South Park Mall which was assessed at $102 million.
Westgate opened in 1982 at a construction cost of $40 million, with one hundred retail stores and four Anchor stores, JC Penny, Dillards and Bealls (soon to be Gordmans) and Sears, which closed last year.
The new owners have not disclosed plans for either the Amarillo Mall or the San Antonio Mall, however their investment in these properties show that they are committed to building a lasting profitable business model locally.