Last week Amarillo's Westgate Mall was purchased by a group of New York investors. Like many indoor shopping malls across the country, Westgate Mall has struggled in recent years with the advent of online shopping.
As KFDA has reported, at the time of the purchase only 80% of the mall was occupied by retailers. The amount of the sale has not been disclosed, but the purchase was made by three companies who teamed up: Mason asset Management, Namdar Realty Group and CH Capital Group, all of New York.
The conglomerate also purchased South Park Mall in San Antonio. The two purchases together netted the company 1.2 million square feet of retail space.
Westgate Mall remains a hub for the entire Panhandle, with as much as a third of shoppers coming from the surrounding towns and rural regions.
