Times Square Mall sale announced

MT. VERNON — — The Times Square Mall has been sold to Pine Tree Commercial Realty LLC, The Sansone Group and Wanxiang America Real Estate Group.
Mid-America Real Estate Corporation’s Investment Sales Group announced the recent sale of the Mt. Vernon shopping center. Ben Wineman of Mid-America Real Estate exclusively represented the seller, while both buyers represented themselves in the transaction. 
Kasia Yuska with Dodier and Company, representing Mid-America Real Estate of Oakbrook Terrace, said the price of the purchase was not disclosed.
Bruce Boruszak, executive vice president at Pine Tree Commercial Realty LLC, said he is excited about the opportunities for the mall, but that no changes would happen immediately.
“We are excited about Mt. Vernon, and we are excited about the property,” Boruszak said. “We will work to improve the property as the years go by.”
He said though the mall is owned by a different group of companies now, rents for its businesses will stay the same for the time being.
“All the businesses are operated pursuant to their individual leases,” he said. “They will stay the same, they are subject to their leases. With new ownership comes new ideas, so to speaks, but it’s not like we come in and change all the rents. That does not happen.”
Boruszak said Pine Tree Commercial Realty, based out of Northbrook, owns a number of commercial real estate properties, including another mall outside of Cleveland, Ohio.
He said the property in Cleveland was “de-malled,” and turned into three different shopping centers, but the company has no plans to do the same to Times Square Mall.
“We are excited,” he said about the sale. “We hope the future is bright for everyone.”
Times Square Mall is a 269,328-square-foot enclosed regional shopping center located at the southeast corner of Broadway and 42nd Street in Mt. Vernon, a regional retail hub about 80 miles east of St. Louis.
Sears, JC Penney, Dunham Sports and Peebles anchor the center, which is further complemented by national retailers GNC, Maurices, Claire’s, Bath & Body Works, Glik’s, Shoe Sensation, Subway and Wendy’s. full story