VERO BEACH – For the second time in two years, the Indian River Mall will be for sale in Vero Beach.
It’s owned by C-III Capital Partners, but the mall’s mortgage holder is Wells Fargo. The company took ownership after no bidders came forward during a foreclosure auction in 2015.
Since then, more stores have left while some have opened. The finances are still a big question on whether the mall can make it.
However, we’re happy to report that the Indian River Mall is not closing, according to mall manager Susan Belgam Hunt. She claims that business is “thriving” and “successful,” which are circumstances that are much different than two years ago.
“The marketing and proposed sale is the best solution for the property and the community. A private owner will be able to execute its plan without the constraints that exist with the current owner,” Hunt said in a prepared statement. “Once the property is sold, only positive changes will occur.”
There have been store closings at the Treasure Coast Square Mall in Jensen Beach, which has spawned a lot of rumors about Indian River.
The Treasure Coast Square defaulted on its $71.3 million mortgage about three years ago.
Last year, the bank sold the plaza on the property, which includes Best Buy, Ross, Michaels and Bed Bath & Beyond, for $16.5 million.
What may save the mall in Vero Beach is the economy. Consumer spending appears to be increasing, and some stores have stepped up its job openings.