Owner calls off auction of Maplewood Mall

J.D. Duggan//February 2, 2023//

Maplewood Mall is a regional shopping destination at 3001 White Bear Ave. in Maplewood. Nashville-based Brookwood acquired the retail center in June and has canceled its previously announced auction of the property. (File photo)

Exterior view of Maplewood Mall entrance

J.D. Duggan//February 2, 2023//

Listen to this article

Brookwood Capital Advisors is canceling the auction for Maplewood Mall — but the company is still open to offers.

A partner in the Nashville-based firm recently bought out another partner, paying $15 million for his stake in the mall, as discovered from a certificate of real estate value, citing different visions for the retail center. That partner wanted to sell, but Brookwood founder Ben Hamd said he plans to hold it.

“I bought out the other partner. I wasn’t really keen on selling the mall, but my junior partner Wyatt was,” Hamd said. “We’re still open to selling it, but it makes so much money. It’s been around since the late ’70s, so it’s not really something that we really, really wanted to do.”

He said the mall pulls in about $7 million a year. Brookwood has received about 15 offers in the $45-50 million range, but he said that even with that “huge chunk of change,” it wasn’t enough to justify a sale at this time. “It’s going to be hard to replace that $7 million a year,” he said.

It was appraised for about $80 million a couple years ago, he said. With high interest rates, it makes it harder to get a higher offer and also makes it harder to use that money for another investment.

Hamd added that while auctions are faster, the return is lower. He’d prefer a buyer that would take their time on the sale and dig into each detail, which also would give him more time to find a new acquisition.

Hamd said there are no big plans to change the mall. Brookwood has mostly filled the mall since buying it last summer — only a few spaces are currently vacant, and it got a full structural renovation in 2018. He’d love to see it completely full in a couple months.

Five months after purchase, Maplewood Mall auction announced

Select Region or Brand

Upcoming Event