Los Angeles-based company 1000 South Vermont LLC and its affiliates purchased the interior of the mall, the theater and the former JCPenney store for an undisclosed amount Aug. 25. It is the second change in ownership within the last five years; the mall was previously owned by ICA Properties Inc.
Michael Jang, 1000 South Vermont LLC’s chief legal officer and general counsel, said the company decided to purchase Music City Mall because of the area’s potential.
While future plans for the mall could not be disclosed, Jang said it will undergo a name change and a rebranding effort.
“We just think it was being underserved and just needed some more [tender love and care],” he said. “It's pretty evident right now that the mall isn't doing as great as it should. We also feel like there's like a lot of opportunity there based on just kind of where it's situated.”
The company does not have any other properties in Texas but is interested in expanding into the market, Jang said.
The mall opened as Vista Ridge Mall in 1989. It was purchased for $17.3 million and renamed by ICA Properties Inc. through an online auction in 2017. At the time of purchase, the Odessa-based real estate management company planned to spend $3 million-$4 million on rebranding and investing in the mall to make it into a music haven.
Music City Mall has seen multiple changes over the last few months as local officials work to bring it into a new era, officials said. In recent years, the mall moved away from traditional department stores and has focused on local businesses.
Jang said the company does not have plans to relocate any of the tenants and anticipates working with them as partners.
“We're super excited,” Jang said. “There's a lot, a lot of potential there.”