Texas investors who purchased the West Manchester Mall two weeks ago paid about $2 million more than the assessed value.

Dallas-based M&R Investors paid $17.5 million for the 742,000-square-foot facility, according to a real estate industry report by CoStar Group.

York County assessment records show the mall at 1800 Loucks Road is valued at $15.4 million.

The price tag equaled less than $24 per square foot for the mall, which had a 68 percent occupancy rate at the time of the sale. Approximately 240,000 square feet of space is available for lease at the shopping hub.

"We think it's one of the best pieces of commercial real estate on the west side of York," Tony Ruggeri, co-founder of M&R, said last week.

The new owners plan to redevelop the mall, which is their first property in Pennsylvania, he said.

M&R 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 32 percent vacant at the time of the sale.

Specific plans for the retail property have yet to be announced.

The mall, which was put up for sale last year by New York-based Lightstone Group, is anchored by Kohl's Macy's, Regal Cinemas and Walmart.

- Candy Woodall can also be reached at cwoodall@yorkdispatch.com.