New Polaris owner still believes in malls
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Polaris Fashion Place is under new ownership. Photo: Courtesy of O'Connor Capital Partners
Polaris Fashion Place's new owners, investment firm O'Connor Capital Partners, say it will enter a fresh era of investment after purchasing the mall in full on Wednesday.
Why it matters: Polaris has faced an uncertain future since previous owners Washington Prime Group laid off 139 employees and announced plans to sell the mall in April.
- WPG previously filed for bankruptcy in 2021.
What they're saying: CEO Bill O'Connor tells Axios the company's purchase will not come with more layoffs. He says he believes in the mall's future and is doubling down accordingly.
- "The mall world is a story of the haves and the have-nots," he says. "This is one center that's going to be around for a long time. We'll redeploy capital back into it and make it fresher and newer."
Catch up quick: OCP has been an investor in Polaris since 2015, and O'Connor says the deal to consolidate ownership was finalized last week.
- He declined to comment on how much OCP paid for full ownership.
The demographics around Polaris are "very helpful," O'Connor says. He believes the economic health and job growth of Central Ohio will keep the area attracting retailers.
- Polaris' proximity to extreme growth and rising incomes in Delaware County certainly helps.
Zoom out: The firm has managed over $30 billion in real estate across the globe, per a news release, with current properties largely focused on North American retail.
- That includes the Rickenbacker Industrial Center, which opened in 2023 as part of an increase in activity and investment surrounding the airport.
What's next: Polaris expects "a lot of new tenant activity," O'Connor says, with an emphasis on health and sports.
- He pointed to the Dick's "House of Sport" project as an example.
The bottom line: In O'Connor's view, Polaris is part of "the next generation of malls that are going to survive."