Asheville shopping mall changes hands

Transwestern brokered the sale of the 494,496-square-foot Biltmore Square Mall in Asheville, N.C., for a price of $20 million.

Midland Loan Services sold the property, which was built in 1989, to Biltmore Eight LLC. The amount of space acquired was actually 334,000 square feet, as two of the anchor tenant spaces, Dillard's and Belk's department stores, were retailer-owned and not a part of the transaction.

Biltmore Eight LLC signed a long-term lease for more than 80,000 square feet to clothing retailer Steve & Barry's, according to a press statement, and there are also plans to eventually build a fourth anchor store and possibly a hotel at the site.

Transwestern is a privately held commercial real estate firm operating nationwide.

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