The Oak Court Mall may have new owners soon.
On Tuesday, Memphis-based Poag Development Group announced it is working toward finalizing a deal to acquire the 35-year-old property.
“I’ve had my eye on this property for more than 10 years and see such strong potential for its future,” Poag Development Group CEO Josh Poag said in a statement. “We are thrilled about the opportunity to deploy our redevelopment expertise to bring further value for a project located in our own backyard.”
Poag said they have several ideas for redevelopment on the site and will work with community stakeholders regarding future use for the site. Chicago-based JLL will handle leasing and property management for the site.
JLL and Poag entered a partnership in August 2022. JLL will operate as a property manager for 10 of Poag’s lifestyle centers including Deer Park Town Center in Illinois and the Promenade Shops at Orchard Valley in California.
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The 850,000-square-foot Oak Court Mall opened in 1988 and was built by Belz Enterprises.
The mall was acquired by Oak Court Mall LLC in March 2014, according to the Shelby County Register of Deeds. Oak Court Mall LLC was a subsidiary of Washington Prime Group. Washington Prime filed for Chapter 11 bankruptcy in July 2021. (The company has since recovered via bankruptcy reorganization.) In December 2022, a foreclosure notice was announced for the East Memphis property, and Oak Court Mall was put up for auction.
In February, Wilmington Trust National Association acquired the Oak Court Mall property via auction for $18,263,000, according to the Shelby County Register of Deeds. The acquisition includes the 3,000-vehicle parking garage, four parcels and 16.4 acres. The listed property addresses included are 4465 Poplar Ave., 530 Oak Court, 4445 Poplar Ave., and 0 Southern Ave.
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Poag Development Group was previously known as Poag Shopping Centers and rebranded in December 2022. Poag was founded by Dan Poag and Terry McEwen in the 1980s. The company owns and operates several lifestyle center and promenade malls around the country. Poag also developed the Shops of Saddle Creek in Germantown.