Independence Mall Owner Explains Strategy Behind Recent Property Sales

June 4, 2026 - 22:29

A series of real estate transactions around Independence Mall in recent weeks is part of a deliberate plan by the mall's owner to cash in on the value of its outparcels and strengthen its financial position.

Florida-based 4th Dimension Properties bought Independence Mall and a nearby parcel last summer for more than $50 million. The deal did not include the mall's anchor tenants, Belk and Dillard's, which own their own buildings.

Since then, the company has sold off several retail properties around the mall in three separate transactions, according to deed records.

In April, a Chicago investment firm bought two retail strip buildings in the mall's parking lot for nearly $9 million. Those buildings house Dave's Hot Chicken, First Watch, Aye! Toro Tacos & Tequila and Jersey Mike's, among other businesses.

A Dallas-based real estate investment trust acquired the retail space housing Lidl for $7.5 million last week. The former Walk On's Sports Bistreaux building at 3710 Oleander Drive also sold for $3 million.

Felix Reznick, principal with 4th Dimension Properties, said the sales are part of a broader real estate strategy for the mall.

"When you buy one of these regional malls, you're buying at something somewhere between a 13 and maybe a 16 or 17 cap rate, and what you try to do is sell the outparcels to lower your basis, because they sell at seven or eight caps," Reznick said. "It lowers your basis, raises your return, and you can pay back your loan quicker, and you have more operating income to spend on the mall itself."

He said outparcels are typically the easiest to sell, but other parcels can be platted separately to prepare for a sale. The key is selling something the market will buy.

In early May, 4th Dimension Properties created two condominium units at the mall. One unit includes Lidl, and the other houses Ulta Beauty, LensCrafters and Five Below. The company owns the second unit, and Reznick said he is not sure yet whether they will sell it.

Reznick sees the sale of the former Walk On's space as a way to bring a new concept to the area and drive more traffic to the mall. The buyer has not commented on their plans.

"The sale price was $3 million, so that goes to pay down our debt and lowers our monthly debt service, and they get to fill it, and bring more people to the mall that way," he said. "It's a win-win."

The company is also working to fill vacant spaces inside the mall. Reznick said they are in talks with tenants for two large-scale vacancies, including a former Forever 21 storefront and a 15,000-square-foot space near Pet Supplies Plus.

He added that several outparcels remain on the market, and the company is in discussions to bring new retail or restaurant concepts to those sites. Interest is coming from local, regional and national businesses.

"I think things are going according to plan," Reznick said.