BY JOHN A. DARNELL JR.
      associate editor
      The Southern Park Mall, excluding the site of the former Dillard’s Department Store, has been sold for $24.1 million to Southern Park Mall Realty Holding LLC, of Great Neck, New York.
      According to the Mahoning County Auditor’s Office, the property purchased in the sale is currently valued at some $35.174 million.
      The site of the former Dillard’s is owned by Cafaro-related interests that operate the Eastwood Mall in Trumbull County. According to a variety of Boardman Township officials, the Cafaro interests had to give their approval for sale of the Southern Park Mall property before the sale could be finalized, under terms of what is called a reciprocal agreement.
      Southern Park Mall Realty Holding LLC is connected to the Kohan Retail Investment Group LLC, headquartered in Great Neck. The firm says on its web site “At Kohan Retail Investment Group, we are dedicated to providing top-tier investment performance and exceptional service. Our centers feature a wide array of national retailers and distinctive regional and local shops. Additionally, we have spaces for dining, entertainment, family-focused experiences, and community events. We welcome you to join us as an essential partner in our efforts to revitalize and enhance properties, ultimately creating positive impacts for the communities we serve.”
      When the Mahoning County Auditor’s Office reappraised the Southern Park Mall property in 2023 that now has been purchased by the Great Neck firm, it was valued at near $49 million. However, after review of the appraisals by the Board of Revision, the property value dropped to $35 million.
      Southern Park was built in 1969 by the Boardman-based Edward J. DeBartolo Corp., that sold the property in 2008 to an Indianapolis, Ind.-based firm, Simon Property Group.
      Simon invested $15 million in capital improvements to Southern Park Mall, then spun-off the property to the Columbus-based Washington Prime Group (WPG).
      On Dec. 2019, WPG announced it was investing another $30 million for capital improvements to Southern Park, that included demolition of the Sears Department Store and creation of DeBartolo Commons.
      However, in Feb., 2019, Cafaro-related interests purchased the former Dillards site for $8.92 million, and the purchase included a reciprocal easement stipulation that any improvements to Southern Park, that abutted the Dillards site, had to be approved by the Cafaro interests.
      Additionally, following its sale, the Dillards site as then devalued, and according to the Mahoning County Auditor’s Office now has a valuation of $2.172 million.
      Township officials say at least three proposed improvement projects sought by WPG, including a new Buffalo Wild Wings, did not get approval from the Niles, Oh.-based firm and were never done; and the promised $30 million in capital improvements proposed by WPG were never completed.
      In announcing the $30 million in capital improvements in Dec., 2019, WPG said “The redevelopment project benefits existing tenants and is expected to generate continued, strong leasing demand.”
      In addition to the creation of DeBartolo Commons, WPG promised to give “priority use” for the site to Boardman Local Schools for athletic team practices and other school events; construct a hike and bike trail connecting the Commons to Boardman Park and nearby residential areas; and construct a “major, new storm water facility” in an attempt to alleviate downstream flooding issues south of the mall’s property.
      As a trade-off for use of DeBartolo Commons, the Boardman Local School District agreed to accept a 15 year tax abatement program for new development at Southern Park. However, few if any Boardman Local School entities ever used the site.
      The hike and bike trail was never undertaken, and the ‘storm water facility’ was never done.
      “Improvements made with the support of the proposed incentive package will provide numerous benefits to the Boardman community,” WPG said in Dec., 2019.
      About Southern Park
      According to analytics developed by Placer Labs Inc., about 5 million people visit the Southern Park Mall every year, including some 534,000 who patronize JCPenney, ranking the outlet as the #1 JCPenney store in the state of Ohio.
      The analytics firm says the second, most-visited store at Southern Park is Macy’s, that attracts some 487,000 patrons a year. The mall’s movie theater, Cinemark, attracts some 445,000 people a year; and the most popular eateries are BJ’s Restaurant and Brewhouse with 314,000 patrons annually; and Chili’s Grill and Bar, 287,000 patrons a year.
      According to a Southern Park Mall web site, there are some 75 businesses currently located at the Southern Park.
      When first opened by the Edward J. DeBartolo Corp., the Southern Park Mall featured more than 110 stores, including its anchor stores---JCPenney, Strouss’ and Sears Roebuck & Co.
      Among its early tenants were Lustig’s, Thom McAn Shoe Co., Park Lane Hosiery, Frederick’s of Hollywood, King’s Jewelry, Casual Corner, Fanny Farmer Candy, Walden Book Store, National Record Mart, Gray Drugs. the Mahoning National Bank, Zale’s Jewelers, Richmond Bros., The Plum Tree, F. W. Woolworth, Hot Sam Pretzels, Kroger’s, Razor’s Edge and Alba House Communications, to name a few.