News alert: Cortana Mall sold
Cortana Mall has been purchased for $6 million by a group of investors who say they want to "bring it back to life." The group, Cortana Mall LA, was organized in Louisiana last month. The group's parent company, Nevada-based Moonbeam Equities, has purchased at least seven other underperforming shopping centers around the country over the past year, says Sandra O'Clock, who handles acquisitions and transitions for Moonbeam. She says the group views the acquisition as a long-term investment. "We're going to do whatever we need to do to turn the project around," O'Clock says. The sale was finalized Monday and O'Clock says the group has not yet developed plans. But, she says, the mall could see new tenants and a renovation. "We're still evaluating the project,” she says. “We need to get to know the community a little better.” The Woodmont Company will manage the mall, she says. –April Castro
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