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Glenbrook Commons sold

Tuesday, January 15, 2013 - 7:47 am

Two companies announced their purchase of of Glenbrook Commons Monday.

Bon Aviv Investment LLC, of Englewood Cliffs, N.J., and Zamias Services Inc. of Johnstown, Penn., said they had bought the mall. Amit Barnoon, the chief executive officer of Bon Aviv, said in the announcement, “Fort Wayne is a strong retail market and we look forward to bringing new retailers to the property over the coming months.”

Barnoon did not return a call Monday afternoon to elaborate on his company's plan for the shopping center, located next to the much larger Glenbrook Square mall.

In the release on the sale, Bon Aviv was described as an investment firm and Zamias as development firm that already owns 43 shopping centers, totaling more than 12 million square feet.

The companies did not disclose the price of Glenbrook Commons. Its last sale price recorded in Allen County Assessor's Office documents was $18.25 million in 2004. Its price in a 2011 sale was not listed in that property record card. However, a preliminary assessed valuation last fall was listed as $7.6 million.

Glenbrook Commons tenants include a Toys "R" Us, Pella Windows, Hancock Fabrics, a U.S. Armed Forces Career Center, among others. Glenbrook Commons has 254,000 square feet of space. A sales listing on the mall last updated in June said it was 45 percent occupied. At that level of occupancy, Glenbrook generated an annual net operating income – before taxes and interest – of about $870,000.

According to the new owners, the occupancy rate is soon to jump. The sale announcement also said a new store, Dunham's Sporting Goods, will come to Glenbrook Commons later this year and will use 66,000 square feet – more than 25 percent of the shopping center's square footage.