University Mall rehab continues

RD Management LLC knew when it purchased Tampa's University Mall in late 2014 that revamping the retail hub would be a long journey.

Like many aging enclosed centers, the 42-year-old mall has struggled with tenant losses, changing buying habits, the advent of online shopping and aggressive competition.

But following its $29.5 million purchase from the Lone Star Funds, of Texas, the New York-based retail owner has taken several key steps in its effort to rehabilitate the 22 E. Fowler Ave. property, anchored by Macy's, Burlington Coat Factory, Sears, Victoria's Secret and Aeropostale.

In February, RD Management spent $5.75 million to acquire Macy's space within the 675,295-square-foot mall, according to Hillsborough County property records.

That purchased followed a similar, $6.2 million deal for former Dillard's department store space last August.

Roger Hirschhorn, a RD Management senior vice president, says there are no plans to acquire other mall-related space at this time. He declined to comment on the Macy's purchase or what may happen to that space, but he said in general, his firm wants to redevelop the mall into a “true mixed-use project.”

To that end, RD Management has signed leases of late with restaurants Portillo's, a popular Chicago hot dog purveyor, and Miller's Ale House. Both will occupy space formerly leased by a Firestone auto service center. Those deals followed Studio Movie Grill, which opened last year.

Hirschhorn added the company has targeted medical uses because of the mall's proximity to the University of South Florida and four hospitals, including the H. Lee Moffitt Cancer Center and the Shriner's Hospital for Children.

In addition to University Mall, RD Management in Florida owns centers in Orlando, Ocala and Gainesville.

Along the Gulf Coast, it owns Merchants Crossing, a 323,000-square-foot retail center on 73 acres in North Fort Myers purchased for $20.5 million last November; and The Groves, in Lakeland.

In all, RD Management owns more than 200 retail properties containing more than 18 million square feet in 26 states, according to its website.