As of Wednesday Three Star Mall has a new owner, Monroe Retail Group LLC. Formerly owned by Ershig Properties, Inc., the property was listed for sale at $6 million.
According to mall manager Sigourney Younglove, it is part of a three-mall deal including Three Star Mall, Middlesboro Mall and Parkway Plaza Mall, both in Kentucky. Younglove said it’s too early to release many specifics at this point and a press release is expected in the next few days.
The listing states the shopping center is 225,000 square feet and 98 percent occupied. Tenants include Hibbett Sports, Kroger, Roses, JC Penney, Bath & Body Works, Goodys, GNC Well, Cali Nails, Dollar Tree, Sally Beauty Supply, Ascend Federal Credit Union, LT 360, Taylor’s Old-Fashioned Kettle Corn, Cato Fashions, Outdoor Accessories, City of McMinnville Civic Center, Shoe Sensation, and J’s Restaurant. Three Star Mall is situated just off of SR-70 (Bobby Ray Memorial Pkwy) on Sparta Road.
J’s Restaurant owner J.C. Petit says this is the third ownership transition he’s experienced. Although he’s sad to see the previous owners go, Petit believes this will be a positive change for our community.
“After hearing the news of the purchase by Monroe Retail Group, and looking into further detail of its existing real estate, I’m super excited to meet them,” said Petit. “Their demographic base is a good fit for McMinnville and it seems like they understand small towns.”