Out Of The Box Ventures, LLC Acquires Regional 733,633 Square Foot Richland Mall in Mansfield, Ohio
TRANSACTION MARKS THE FIRST ENCLOSED MALL ACQUISITION FOR OWNER
Miami, Fl. – Out of the Box Ventures, LLC, a subsidiary of leading Miami-based global real estate development firm, Lionheart Capital, announces the acquisition of Richland Mall in Mansfield, Ohio. The 733,633 square foot enclosed mall is anchored by Macy’s, JCPenney, Sears and AVITA Health Systems and hosts other national tenants including Victoria’s Secret, American Eagle Outfitters, Chuck E. Cheese’s, Bath & Body Works, Champs Sports, GameStop, Lenscrafters, Christopher & Banks, and The Finish Line, among others. The acquisition includes all but Sears and AVITA Health Systems, which are both separately owned. Located just off of State Highway 30, the property is the only mall within a 45 mile radius and the only significant retail offering along Interstate 71, the major travel route from Cleveland to Columbus.
“As we delve into keeping the center and community evolving together, Out of the Box is exploring green energy and other technology improvement options, and we look forward to forming fruitful partnerships with the Mayor and local municipality to increase the use and appeal of the center to local residents of all ages,” notes Ophir Sternberg, Founding Partner & CEO, Lionheart Capital.
“Considering the regional draw of Richland Mall, we are excited and optimistic about adding new entertainment and fitness offerings, as well as a vibrant food and beverage scene,” commented Ashley Thornburg, Director of Retail Operations, Lionheart Capital. “The presence of AVITA Health Systems’ full service hospital provides a unique opportunity to service over 350 daily employees, patients and their families and also attract additional medical and health related providers.”
“The Richland Team is looking forward to what comes next,” shares General Manager Jodi Scott, who has served in her role for the past thirteen years. “Next year marks the 50th Anniversary of Richland Mall and we are excited to celebrate not only the past, but the start of a new chapter with Out of the Box Ventures.”
Out of the Box Ventures has retained Robert Marona, Senior Vice President and Senior Director of Leasing for Madison Marquette to spearhead the leasing efforts for the mall.
About Out of the Box Ventures
With the acquisition of over 2,500,000 square feet of retail space, Out of the Box Ventures, a subsidiary of Lionheart Capital, continues to actively expand its presence in the retail market. The portfolio features space in Bangor, Maine – Battle Creek, Michigan – Chicago, Illinois – Fort Gratiot, Michigan – Lakeland, Florida – Mansfield, Ohio – Miami, Florida – Midland, Michigan – Steubenville, Ohio – Syracuse, New York – Pittsburgh, Pennsylvania – Williamsburg, Virginia and Woonsocket, Rhode Island. Out of the Box Ventures’ vision is to transform these retail spaces into dynamic mixed-use destinations, designed to be as functional as they are impactful in the revitalization of their areas.