Esplanade Mall sold for $10

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KENNER (WGNO) — It took a $10 bill for The Esplanade to switch owners.

Pacific Retail is the new owner of the mall.

The sale was part of a three mall deal with Simon Property Group. The other malls are Northpark Mall in Jackson, Miss., and The Galleria at White Plains, NY.

Each mall in the deal was sold for ten dollars. The new owners also took on 281 million dollars of debt owed to Aareal Holding Realty of Delaware.

All this was revealed in court documents filed with the Jefferson Parish Clerk of Court last week.

A release on pacific retail’s website reveals some of what’s in store for The Esplanade.

“Pacific Retail’s experienced team will be deployed to evaluate each asset in the context of the neighborhood and what is valued by the customers to create a program to further enhance its appeal,” said Steve Plenge, managing principal of Pacific Retail Capital Partners. “This may include bringing new uses to the center, improving the physical space, adding events and public programs and in some cases redeveloping portions of the real estate.”

Pacific Retail now has 11 mall properties across the country.

Simon Property Group owns dozens of shopping centers around the world.

WGNO reached out to both the Simon Property Group and Pacific Retail when we first learned of the deal. We never heard back from them.