The West Manchester Mall is under new ownership and set for redevelopment.
Dallas-based M&R Investors closed the deal last week, acquiring the 750,000-square-foot property at 1800 Loucks Road, according to Tony Ruggeri, co-founder of the Texas firm.
"We think it's one of the best pieces of commercial real estate on the west side of York," said Ruggeri, who owns M&R with business partner Frank Mihalopoulos.
The new owners did not disclose the purchase price.
They have previously revamped the One Hundred Oaks mall in Nashville, Tenn., which was 55 percent vacant before M&R took ownership and is now 99 percent occupied, Ruggeri said.
He said a similar opportunity awaits at West Manchester Mall, which was put up for sale last year by New York-based Lightstone Group.
Attracting tenants: Ruggeri said its too soon to reveal specific plans for the retail property, which is anchored by Kohl's, Macy's, Regal Cinemas and Walmart.
Right now, the new ownership is focusing on integrating its systems and way of doing business, he said.
"The economy is improving and retailers are expanding. The timing is right to attract potential tenants," Ruggeri said.
One of the reasons M&R was attracted to West Manchester Township is due to the socioeconomics of the surrounding region, he said.
"The industry that drives the economy there is solid. As the recession hit, it didn't seem to hit York as hard as other areas," Ruggeri said.
West Manchester Mall is M&R's first property in Pennsylvania.
- Candy Woodall can also be reached at email@example.com.