The Shops at Kanawha mall, in Charleston’s Kanawha City neighborhood, formerly known as the Kanawha Mall, has been sold for $18.5 million.
The sale was described as “the largest arms-length retail transaction in 10 years in West Virginia,“ by a spokesman for Marcus & Millichap’s Cincinnati office, which brokered the sale.
According to deed transfer papers, filed on Oct. 18, the mall was sold to Milton 507 MacCorkle Avenue LLC by its previous owner, The Shops at Kanawha LLC.
The West Virginia Secretary of State’s Office lists Milton 507 MacCorkle Avenue LLC as foreign chartered and located in White Plains, New York. It shares the same street address as its listed management firm, Leeton Real Estate. A Google Street View search of the address shows that the location also is a UPS store.
Attorney Stephen J. Golder, of Huntington, whose office address matches that listed for the company’s principal office address, is listed as the company’s process contact. Messages left for Golder were not returned.
No other contact information for the companies was provided or could be found.
The sale did not include the retail space formerly occupied by Elder-Beerman, once the development’s anchor store. Nor does it include the adjacent Gabe’s and Kroger stores or the freestanding restaurants facing MacCorkle Avenue.
The sale does include the Kanawha City location of the West Virginia Division of Motor Vehicles. DMV spokeswoman Samantha Knapp said Wednesday that, except for changing the name on the lease, nothing regarding the DMV’s operation in the mall will change.
The appraised value of the mall prior to this month’s sale was $14.3 million, according to Kanawha County officials.
The comparatively high purchase price “is a very good sign for the business economy in Charleston and Kanawha County,” Kanawha County Commission President Kent Carper said.
In 2002, Simpson Properties of Johnstown, Pennsylvania, began managing the Kanawha Mall. Donald Simpson, of Simpson Properties, and a group of investors bought the mall in 2007 and announced plans to turn the mall into an open-air retail shopping center. They changed the name from the Kanawha Mall to The Shops at Kanawha in 2009.
The investors’ company, KM Associates, filed for bankruptcy protection in 2012 and reorganized into a new company, The Shops at Kanawha LLC, owned by Simpson and a new group of investors. The mall was technically bought by that new company for $18 million, but all that money was used to pay off the previous company’s debts, according to bankruptcy court records.