Troubled mall hits the market - again

BRADENTON — DeSoto Square Mall, a regional mall near downtown Bradenton in central Manatee County, is up for sale once again.

The mall, with 569,675 square feet in gross leasing area, has an estimated net operating income of $4.465 million and a total gross income estimated at $5.76 million, according to the official listing on hakimiproperties.com. Hakimi Properties, according to its website, is run by Brandon Hakimi, who “currently holds the position of director of acquisitions and dispositions at a privately held real estate investment firm.”

New York-based Mason Asset Management purchased DeSoto Square in 2012 for $24.6 million, according to a previous Business Observer story. The mall does not have a current list price, but Mason rejected a $33.7 million offer in 2014. The mall was built in 1973.

DeSoto Square currently has a 71% occupancy rate, according to the listing. Tenants that have left the mall in recent years include Macy's and a movie theater. Remaining tenants include Hudson's Furniture, Sears and JCPenney.