Lafayette Square sale closes

January 2, 2008

A New York company has closed on its acquisition of Lafayette Square Mall and hired a management company to run the property.

The new owner, Ashkenazy Acquisition Corp., plans to keep the 1.2 million-square-foot property as a regional mall and focus on filling vacant anchor spaces, since most of the smaller spaces are full, said mall spokeswoman Amanda Royalty. There are no plans for a wholesale redevelopment, like the one in the works at Glendale, she said.

"In an immediate sense, they want to fill the mall to capacity," Royalty said.

Ashkenazy has hired international real estate services firm Jones Lang LaSalle to manage the property. A handful of existing mall employees now report to Jones Lang LaSalle.

The new owners got good news last week when Macy's announced it would close its store at Washington Square Mall but not at Lafayette Square. Royalty said her mall's Macy's "struggles" but still draws lots of traffic.

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