Less than four months after acquiring the vacant JC Penney location at Cortana Mall, a California investor is putting it back on the market.
Though the 200,000-square-foot former anchor tenant space is not officially listed for sale yet, broker Austin Earhart with Beau Box Commercial Real Estate says it will be soon, probably for around $2 million.
Was it a case of buyer’s remorse?
“I think what happened is he bought it so cheap he didn’t know what he was going to do with it,” says Earhart, who handled the $850,000 sale in late October. “The reality is once he realized what a long road to hoe it’s going to be he decided it would be better to sell it.”
The maintenance and ownership costs on the building are expensive, Earhart notes. Without income from a tenant it was going to be a challenge to make the numbers work—“not to mention that the other three boxes are all for sale or lease,” he adds.