Retail Giant CBL Properties Acquires Ocala’s Paddock Mall
CBL Properties has officially acquired Paddock Mall in Ocala, Florida, marking a significant transaction in the regional retail real estate landscape. The deal, finalized with Washington Prime Group, brings a key shopping destination under the ownership of a prominent mall operator.
Key Takeaways
- CBL Properties has purchased Paddock Mall from Washington Prime Group.
- The mall, opened in 1980, spans approximately 550,000 square feet.
- It currently houses over 90 stores and restaurants.
- Anchor tenants include JCPenney, Macy’s, and Belk.
- A former Sears anchor space is being redeveloped into Paddock Market.
- The mall was last appraised at over $40 million.
A New Era for Paddock Mall
The acquisition of Paddock Mall by CBL Properties signifies a new chapter for the Ocala shopping center. The mall, a fixture in the community since its opening in 1980, encompasses roughly 550,000 square feet and serves as a central hub for retail and dining for Ocala and its surrounding areas. With over 90 stores and restaurants, Paddock Mall is anchored by major retailers such as JCPenney, Macy’s, and Belk. Additionally, a former anchor space, previously occupied by Sears, is undergoing redevelopment and will soon be known as Paddock Market.
Future Plans Remain Undisclosed
While the acquisition is a major development, CBL Properties has not yet revealed specific future plans for the Paddock Mall site. As one of the area’s primary retail destinations, the mall’s strategic location and existing tenant base position it for continued relevance in the evolving retail market. The previous owner, Washington Prime Group, sold the property for an undisclosed sum, with the mall’s last known appraisal exceeding $40 million.