Las Vegas-based Moonbeam Capital made headlines earlier this month when it purchased Gwinnett Place Mall from C-III Asset Management for an undisclosed amount of money. And if you’ve been to this mall I the past couple of years, you know Moonbeam has their work cut out for them. Most of the stores in the mall are local mom-and-pop locations, as most of the big-name retailers jumped ship from the dying shopping complex in recent years. This doesn’t scare Moonbeam, however. The company has a history of taking struggling malls and breathing new life into them. Last year they purchased a shopping mall in Colorado, renovated and re-tenanted the complex, and have posted record sales through 2013.
Moonbeam executives reveal they are in this for the long haul and have no plans of quickly reselling the distressed retail property. Instead, they have big plans for bringing it back to life. Moonbeam says it is considered redeveloping an entire portion of the mall – probably the former Belk wing – into a non-retail use area, perhaps even incorporating office space. Moonbeam has nine months to get their plans together before they go to the county to present their ideas.Share