The Lebanon Outlet Marketplace recently changed ownership as a New York-based company took control of the Lebanon mall location.
Lebanon Realty is listed as the new owner, according to Wilson County property records. The company bought the 227,000-square-foot outlet mall on July 29 for $4.5 million.
The company has ties with Namdar Realty Group, based out of Great Neck, N.Y. Namdar owns Southland Mall in Memphis and several other retail properties.
The mall, built in 1998, was sold to Simon Properties about 10 years ago, along with 21 other retail properties, for about $2.3 billion.
The retail space has seen some store changes in recent years, including the closing of the Nike Clearance Store at the end of May.
The future of the property remains in question, although the outlet is still open and operating.
The property is zoned commercial, according to Lebanon planning records. The commercial zoning allows: administrative services, automotive services, entertainment and amusement, food and beverage, retail trade, medical services, medium construction services, vehicle sales and wholesale sales.
Any change to build or construct a business outside of the approved uses would require the owner to appear before the Lebanon Planning Commission and, subsequently, the Lebanon City Council. The changes would also be subject to a public hearing, and possible community meeting, before any action would take place on the property.
Although the property sold for $4.5 million, its improvement value is listed as more than $10 million.
Calls to Simon Properties and Namdar Realty Group were not returned.