Northwest mall up for sale again

Less than two years after its last sale, Northwest Plaza in St. Ann is up for sale again.

NW Plaza Owner LLC, a partnership of Santa Barbara, Calif.-based Somera Capital Management and Los Angeles-based Zelman Cos., has put the mall on the market for an undisclosed amount. The partnership acquired the property in June 2006 for $45 million.

The 1.8-million-square-foot mall has seen retailers leave and revenue drop for several years.

The city recently approved a $250 million redevelopment plan for the mall, which will include $96 million in public funding.

NW Plaza recently signed a big tenant, Wal-mart Supercenter at the 125-acre mall and there are also for up to 450,000 square feet of office space.

Construction on the mall in set to begin in early 2009 with a targeted completion of 2012.

A sale “would not be expected to disrupt the development or otherwise affect the rights and responsibilities provided under the redevelopment agreement,” Somera said in a press release.

As the mall’s fortunes have declined, so has the city’s sale tax base, which fell fto less than $1.5 million in 2006 from about $3.4 million in 2000. The 2007 sales tax figures have not yet available.Before Somera and Zelman, the mall was owned by Australia-based Westfield Group.

City officials were informed that the property would be put on the market last month, said Mayor Tim James, adding that a sale does not affect the city.

“We anticipated Somera selling it, maybe not quite so soon,” James said. “Our attorneys have looked at it and we are fine with it.”

The proposed renovations make the project an attractive investment for the city.

“It is a $250 million project with $100 million in public money, and a lion’s share of the leg work has been done,” he said. “It’s a pretty good deal.”

Somera officials could not be reached for comment.