×

Under new ownership: Cafaro Company acquires Grand Central Mall for $540M

Cafaro Company acquires Grand Central Mall for $540M

(Photo by Gwen Sour) The Gand Central Mall sits at 908,238 square feet and was recently sold to the Ohio-based Cafaro Company.

VIENNA — The Grand Central Mall changed ownership this month, as Niles, Ohio-based Cafaro Company finalized its acquisition of the longtime Vienna shopping center from Washington Prime Group.

Joe Bell, director of corporate communications for Cafaro, confirmed the sale in a phone interview Tuesday, saying the deal closed Oct. 1 after discussions that had been ongoing for “a good long while.”

“We’ve been talking with the previous owners for some time now,” Bell said. “We were very pleased to visit Grand Central Mall many times over the past year, and we think it fits very well with the type of shopping centers we operate around America.”

According to special warranty deeds provided by the Wood County Clerk’s office, several parcels of land associated with the Grand Central Mall property were purchased for a total cost of $540 million.

Bell said Washington Prime Group, which had been selling off several of its mall properties nationwide, was the former owner. Cafaro, which owns and operates shopping centers across the Midwest and Appalachian regions — including Meadowbrook Mall in Bridgeport, Huntington Mall in Barboursville and Ohio Valley Mall in St. Clairsville — now adds Grand Central to its growing portfolio.

He said the company already has improvement and redevelopment plans in motion for the property, though details are still being finalized.

“We have some plans that are right in the planning stage right now…plans to bring even additional types of businesses to the property and to make some improvements,” Bell said. “We hope to be able to reveal all of that after the first of the year.”

Bell confirmed that current mall management will remain in place, including the property manager and customer service manager. Cafaro also expects to add new positions to support the existing team.

“The management staff is not going to change, but we may add some additional help for them,” he said.

The Grand Central Mall, which opened in 1972, remains one of the Mid-Ohio Valley’s key retail destinations, featuring more than 60 stores, restaurants and entertainment spaces.

Bell said Cafaro looks forward to working with the community and continuing to build on the mall’s longstanding role in the region.

Additional details may be announced later by Cafaro Company or local officials.

Starting at $2.99/week.

Subscribe Today