An appraisal of FairOaks Mall suggests the regional shopping center “reached the end of its total economic life” after sinking to a nearly 55 percent vacancy rate of leased retail space with the April 29 departure of anchor store Carson’s.
That’s from appraiser Gregory S. Watts of Columbus. It’s from one of two appraisals on the mall property completed in April, including the other by Pillar Valuation Group, Inc. of Indianapolis.
The Watts market value opinion placed the value of the mall property at $7 million when considered “as though vacant,” or at $6 million for as-is, less demolition costs. The Pillar assessment of market value was $5.5 million.
Columbus City councilmen gave final approval to purchase the 35-acre mall property at 2380 25th St. from FairOaks Mall Owner LLC for $5.9 million, sharing the purchase cost with Columbus Regional Hospital and the Heritage Fund — The Community Foundation of Bartholomew County.
City officials expect to close on the property Dec. 14, city finance director Jamie Brinegar said. Environmental inspections returned with no complications, he said.
For more on this story, see Tuesday’s Republic.
