Blackwater Development says it has Regency Square Mall deal
Lake City-based Blackwater Development LLC announced in October 2023 that it is the prospective buyer of Regency Square Mall, the 56-year-old largely vacant shopping center facing code compliance issues for interior problems such as water damage and exposed wiring.
Blackwater Development President Rurmell McGee said his group was in the initial phase of due diligence “to conduct a thorough assessment of the property and determine the project’s feasibility.” He expected the sale could close in the third quarter of 2024.
Impact Church, the Dillard’s Clearance Center and the former Sears have separate owners and are not part of the Blackwater deal.
The center, at 9501 Arlington Expressway, was the area’s first large regional mall. It has struggled as population shifted from Arlington and as national, regional and local retailers left or closed.
The mall owners said Oct. 2 they had finalized a contract to sell the shopping center that they bought in 2014.
Regency Realty LLC, a partnership of Mason Asset Management and Namdar Realty Group LLC, both based in Great Neck, New York, paid $13 million for the bulk of the 1.4 million-square-foot mall Feb. 14, 2014.
They sold the AMC Theatres property to a Kansas City investment group and the former Belk department store to Impact Church of Jacksonville Inc.
Property records show Regency Mall Realty LLC owns almost 74 acres and about 980,200 square feet of retail space in the mall.
