PARMA, Ohio - Phillips Edison & Company, a Cincinnati company specializing in acquiring, managing and owning retail properties, became the new owner of Parmatown Mall Tuesday.
The purchase of the 1.18 million square foot, mixed-used complex included three property components: the mall, Parmatown Plaza strip shopping center and Parmatown Medical Center.
"We look for opportunities to come in and acquire retail properties to revitalize and re-energize for the marketplace," said Phillips Edison & Company Vice President Roy Williams during an exclusive on-camera interview with NewsChannel5.
Williams stated that demographic population research results, showing 106,000 residents within a three-mile radius of Parma, made the mall property attractive.
"As we looked at the marketplace, that there was still a legitimate opportunity to strategically reposition Parmatown Mall as a retail center and a retail hub for Parma," said Williams.
Parma Mayor Tim DeGeeter met with Phillips Edison representatives throughout the process and stated the mall purchase will mean an improved quality of life for Parma resdents.
"We're glad they're here," said DeGeeter. "We're excited about their substantial investment here in our city. With Parma being the seventh largest city (in Ohio), with a number of community touchpoints around here, whether that be city hall, our wonderful Parma Community General Hospital, Byers Field and Stearns Farm, there can be some connectivity to really create a nice destination point for Parma residents and surrounding residents to come to this area."
Phillips Edison owns and manages 225 shopping centers in 35 states.
"Through our expertise and our experience as a company, we can bring the right mix of retail users and anchors and entertainment and restaurant components to the shopping center that will once again revitalize Parmatown Shopping Center," said Williams.