Juneau, Alaska (KINY) The Nugget Mall is no longer for sale.
A deal to purchase the facility for $12.5 million fell through earlier this year. This hasn't discouraged the creditors of the mall who plan to make some improvements.
Brad Shain is a fund manager with Columbia Pacific Advisors, “We are re going to get it healthy and evaluate that down the road. It’s not for sale anytime soon.”
The firm will take possession of the mall in late August but have been given the go ahead by the current owners to start work.
Shain said they do plan to make improvements to the facility. They include new paint and new carpet, repairs to the heating, ventilation and air conditioning, removal of the Chandler building, and improvements to the parking lot.
They want to make it a lifestyle more that is welcoming to consumers. A big part of the strategy is a food court. “Mall owners across the US are committed to creating life style mall. That’s why we want more food. It will be a nice place to gather and have a meal.”
Shain said while online shopping is efficient, people still like to shop in person and touch the merchandise. He said the existing tenants are great places to visit and shop.
He said the company is fairly experienced at turning around retail facilities. He said Nugget Mall is a nice facility with some care can be very successful. He added it can be great for the tenants and the community.
He said they are open minded to attracting business. He said there has been a lot of interest shown in the facility with two new lease opportunities for the mall.
He urged the community to give the mall a chance, “Come on bye and I promise you will see some new tenants in there sooner than later. We will happily work with businesses that would make it affordable for them to open up in the mall. Be open minded and give us a try.”