Ashtabula Towne Square

Ashtabula Towne Square is an enclosed shopping mall in Ashtabula, Ohio, United States. It opened in 1992 as Ashtabula Mall and was developed to serve the retail needs of Ashtabula and nearby communities in northeastern Ohio. The property has approximately 1,074,470 square feet of gross leasable area and was designed with capacity for about 70 stores, together with a food court and other mall services. Its operating history reflects the changing structure of American regional retail: the center originally combined major department stores, discount retail, specialty shops, restaurants, and entertainment, but many of its large tenants later closed as department-store chains contracted and consumer traffic shifted toward larger regional centers, discount formats, online commerce, and other retail destinations. At opening, the mall included Dillard's, JCPenney, Kmart, Phar-Mor, Carlisle's, and Sears as anchor tenants. Kmart was subsequently expanded into a Super Kmart, while Phar-Mor's location was notable as a prototype and as the chain's 300th store. Sears and Phar-Mor began operations in August 1992, before the wider mall opened in the fall. Carlisle's closed in 1994 after the chain ceased operations; its space was later converted into a Dillard's Home Store. Phar-Mor also closed during the mid-to-late 1990s, and its former space was eventually occupied by Steve & Barry's in 2005. The property changed ownership several times. Cafaro Company, identified as the original developer, sold the mall to Cabot Investment Properties in 2007 for $44.4 million. The center adopted the name Ashtabula Towne Square in 2008. During and after this period, a substantial number of specialty retailers and restaurants departed, including Old Navy, Spencer's Gifts, Claire's, Fashion Bug, Lane Bryant, Payless ShoeSource, Wendy's, GameStop, Mr. Hero, and J.B. Robinson Jewelers. Ruby Tuesday left in 2008, followed by Steve & Barry's later that year. Finish Line, King's Jewelers, Zales, and Waldenbooks also closed in the following years. Financial distress further shaped the mall's ownership history. Bank of America foreclosed on Cabot Investment Properties in 2011, and investors filed lawsuits against Cabot in 2011 and 2012 alleging fraud. Sears closed in 2012. Following a receivership, Morgan Stanley Capital I acquired the property and later sold it in October 2014 to local investment group Sure Fire Group, LLC for $6.1 million. Kmart closed in 2016, leaving JCPenney and Dunham's Sports as the principal occupied anchors at that time. In February 2020, Sure Fire Group sold the mall and attached properties to Ashtabula Mall Realty Holding LLC, associated with Kohan Retail Investment Group, for $10.2 million. JCPenney announced in June 2020 that its store would close as part of a nationwide closure program, with the local store leaving around October 2020. Dunham's Sports then became the only remaining anchor before closing in 2021. The AMC Classic six-screen cinema, another component of the property's entertainment offering, closed on July 20, 2023. Sure Fire Group bought the mall back from Kohan Retail Investment for $2.5 million on August 23, 2023. As a result, the property remains a recognizable local retail complex, but it no longer has an open traditional anchor department store. Its current identity is centered on available retail space, smaller tenants, food-service uses, and local-area shopping rather than the full department-store anchor model that characterized its early years.

Ashtabula Towne Square opened in 1992 under the name Ashtabula Mall. The original anchor lineup included Dillard's, JCPenney, Kmart, Phar-Mor, Carlisle's, and Sears. Kmart was later expanded into a Super Kmart, and the Phar-Mor store served as both a prototype location and the chain's 300th store. Sears and Phar-Mor opened in August 1992, while the mall itself began operations in the fall. Carlisle's closed in 1994 when the chain disappeared. Its former premises were later converted into a Dillard's Home Store. Phar-Mor left during the mid-to-late 1990s, and Steve & Barry's occupied that space beginning in 2005. Dillard's eventually closed the home-goods location and then its main fashion store, which ended operations in 2007. A long series of specialty-store and restaurant departures followed, including Old Navy, Spencer's Gifts, Claire's, Fashion Bug, Lane Bryant, Payless ShoeSource, Wendy's, GameStop, Mr. Hero, J.B. Robinson Jewelers, Ruby Tuesday, Finish Line, King's Jewelers, Zales, and Waldenbooks. Cafaro Company, the original developer, sold the mall to Cabot Investment Properties in 2007 for $44.4 million. The property was renamed Ashtabula Towne Square in 2008. Bank of America foreclosed on Cabot in 2011, and investors brought lawsuits against Cabot in 2011 and 2012 alleging fraud. Sears closed in 2012. Following a receivership, Morgan Stanley Capital I became the seller in a 2014 transaction in which Sure Fire Group, LLC acquired the property for $6.1 million. Kmart closed in 2016, leaving JCPenney and Dunham's Sports as the remaining occupied anchors. In February 2020, Sure Fire Group sold the mall and attached properties to Ashtabula Mall Realty Holding LLC, associated with Kohan Retail Investment Group, for $10.2 million. JCPenney announced in June 2020 that its store would close as part of a national store-reduction plan, and the location closed around October of that year. Dunham's Sports subsequently became the only remaining anchor before closing in 2021. The property's AMC Classic six-screen movie theater closed on July 20, 2023. On August 23, 2023, Sure Fire Group reacquired the mall from Kohan Retail Investment for $2.5 million. The center has approximately 1,074,470 square feet of gross leasable area and capacity for roughly 70 stores. With all former anchor spaces vacant according to the referenced account, the mall's current commercial role is that of a large local enclosed shopping property focused on smaller retail, service, food, leasing, and community uses rather than department-store-led regional shopping.

1. 2023AMC Classic closes and Sure Fire Group reacquires the mall

   The six-screen AMC Classic theater closes in July, and Sure Fire Group purchases the mall back in August for $2.5 million.

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2. 2021Dunham's Sports closes

   The last occupied anchor identified in the historical account leaves the property.

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3. 2020Kohan-affiliated entity acquires the mall

   Ashtabula Mall Realty Holding LLC buys the mall and attached properties for $10.2 million.

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4. 2016Kmart closes

   Kmart departs, leaving JCPenney and Dunham's Sports as the occupied anchor tenants.

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5. 2014Sure Fire Group acquires the property

   Sure Fire Group purchases the mall from a receivership-related ownership structure for $6.1 million.

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6. 2012Sears closes

   Sears leaves the mall after serving as one of its original anchor tenants.

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7. 2008Property receives the Ashtabula Towne Square name

   The center is renamed following the change in ownership.

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8. 2007Cabot Investment Properties acquires the mall

   Cabot Investment Properties purchases the property from original developer Cafaro Company for $44.4 million.

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9. 2005Steve & Barry's replaces Phar-Mor

   Steve & Barry's takes over the former Phar-Mor space.

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10. 1994Carlisle's closes

    Carlisle's leaves the property following the chain's demise; the space is later converted into a Dillard's Home Store.

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11. 1992Ashtabula Mall opens

    The enclosed mall opens in Ashtabula, Ohio, with six named anchor tenants and a planned capacity of approximately 70 stores.

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A local and regional enclosed shopping center serving Ashtabula and nearby northeastern Ohio communities, with a broad retail footprint but without a currently open traditional anchor department store.

• Enclosed shopping centerRetail real estate1992

  The core offering is a large enclosed retail property in Ashtabula, Ohio. The center provides leasable storefronts, common areas, customer circulation space, parking, and associated commercial infrastructure for retailers and service businesses. Its historical design supported approximately 70 stores and several major anchor spaces.

• Food court and food-service spaceFood and beverage1992

  Ashtabula Towne Square includes a food court as part of its mall-services mix. Food and beverage uses complement the retail tenancy and provide visitors with on-site dining options, although the available reference does not establish a complete current tenant list.

• Former anchor-store premisesRetail real estate1992

  The property contains large former anchor spaces associated with Sears, Steve & Barry's, Super Kmart, JCPenney, Dillard's, and Dillard's Home. These spaces reflect the mall's original department-store format and provide substantial redevelopment or re-leasing capacity, but the referenced material identifies them as vacant.

• 2023Sure Fire Group reacquires the propertyM&A

  After the Kohan-affiliated ownership period and the closure of the AMC Classic theater, the mall changed hands again.

  What changed. Sure Fire Group, LLC bought the mall back for $2.5 million.

  Aftermath. Sure Fire Group became the latest identified owner of the shopping center.

  Purchase price. $2.5 million (August 23, 2023)

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• 2020Sale to Ashtabula Mall Realty Holding LLCM&A

  Sure Fire Group sold the mall and attached properties after several years of tenant attrition and anchor contraction.

  What changed. Ashtabula Mall Realty Holding LLC, associated with Kohan Retail Investment Group, acquired the property for $10.2 million.

  Aftermath. JCPenney announced its closure later in 2020, and Dunham's Sports closed in 2021, leaving no open traditional anchor identified in the reference.

  Purchase price. $10.2 million (February 2020)

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• 2014Sure Fire Group acquires the mall after receivershipM&A

  Following foreclosure-related financial distress and a receivership, the property was offered for a new ownership transaction.

  What changed. Sure Fire Group, LLC purchased the mall for $6.1 million.

  Aftermath. The local investment group became the property's owner and later sold it in 2020 before reacquiring it in 2023.

  Purchase price. $6.1 million (October 2014)

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• 2008Rename the shopping centerStrategy

  The mall changed ownership in 2007, creating an opportunity to reposition the property under a new identity.

  What changed. The property was renamed Ashtabula Towne Square.

  Aftermath. The renamed mall continued operating while experiencing further tenant departures and anchor closures.

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• 2011Foreclosure and investor fraud allegations involving Cabot Investment PropertiesControversy

  Bank of America foreclosed on Cabot Investment Properties, then the mall's owner, in 2011. Investors filed lawsuits against Cabot in 2011 and 2012 alleging fraud. The available reference does not provide the final legal disposition of those claims.

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• 2023AMC Classic cinema closes

  The property's AMC Classic six-screen movie theater ceased operations on July 20, 2023.

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• 2023Sure Fire Group reacquires the mall

  Sure Fire Group, LLC bought Ashtabula Towne Square back from Kohan Retail Investment for $2.5 million on August 23, 2023.

  M&A
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• 2021Dunham's Sports closes, leaving no open anchor store

  Dunham's Sports closed after JCPenney's departure, ending the mall's period with an occupied anchor tenant.

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• 2020JCPenney announces closure of its Ashtabula store

  JCPenney announced that the Ashtabula location would close as part of a nationwide program affecting 154 stores.

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• 2020Mall and attached properties sold to Kohan-affiliated entity

  Ashtabula Mall Realty Holding LLC, associated with Kohan Retail Investment Group, acquired the mall and attached properties for $10.2 million.

  M&A
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• 2014Sure Fire Group purchases Ashtabula Towne Square

  A local investment group acquired the mall from a receivership-related ownership structure for $6.1 million.

  M&A
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• 2008Ashtabula Towne Square is renamed after ownership change

  After Cabot Investment Properties acquired the property from Cafaro Company, the mall adopted the Ashtabula Towne Square name.

  Other
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1. Ashtabula Towne Square
2. Ashtabula Towne Square official website