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Oak View Mall for sale: Shoppers hope for brighter future

Posted at 6:27 PM, Oct 27, 2023

OMAHA, Neb. (KMTV) — The Oak View Mall is for sale.

From shoppers 3 News Now spoke with, there seems to be plenty of desire to show in physical stores, not online. But Oak View has a reputation.

"There's nothing there! It's really very sad," said a shopper named Judy.

Geoff Willmann said he and the person he came to the mall with had already commented that the mall seems to be "dying" even before 3 News Now asked their thoughts.

"It's not a destination anymore," said a shopper named Darlene. "And it used to be."

Shoppers like them had a message for whoever might buy and control the future of the mall at 144th and Center Streets.

"I'd love to see it all come back," Judy said. "I have a handicap. So, to me, being inside is better."

Outdoor malls like Nebraska Crossing seem to be popular, but shoppers like Judy and Darlene say they prefer indoor malls and want to see Oak View do well.

"I don't quite understand the attraction of pulling up in front of a large outdoor shopping strip when the weather is bad."

That's just one reason why a retail expert tells me there's reason for optimism at Oak View.

"It's going to be a tricky project," said Jordan Potthoff, a broker with Lee & Associates not involved in this listing. She said that's because of the "outlook" Omahans have on the mall.

She said it might take a "creative" owner with deep pockets, but, for investors: "If retail isn't already in your portfolio, now's the time to add it. It's really the busiest it's ever been."

She said the amount of empty retail space in Omaha is very low: 4.5%.

"There's extremely high demand," she said. "There's an extreme lack of construction."

The online listing for Oak View says it's 74% full.

"There's still some strong national retailers in the shopping center (Oak View)," Potthoff said. "With the lack of space available, now would be a good time to get it leased up."

The Dillards and JCPenney buildings are separate, so change at the mall might require the cooperation of others.

Shoppers hope the mall will change. "I would hope so," Judy said. "But I don't know."

There's no price on the listing, but the property sold two years ago for $7.5 million.

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