Farmington Mall under new management; will undergo spring renovation
The Farmington Mall got a new lease on life when it was purchased by Caspian Group, a commercial real estate management company specializing in distressed property turnarounds, on March 23.
The mall, located at the intersection of Highway 3 and County Road 50, will undergo a complete rehabilitation, according to Caspian Group proprietor Rafik Moore.
“Obviously, when you drive by it, it doesn’t really look very appealing,” Moore said. “It has tremendously deferred maintenance. You can see it in the parking lot and the walls. It feels neglected. Our job is to make it look nice and appealing … to put life into it.”
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Among the improvements he has planned for the property, Moore said he wants to scrape the entire facade, which he expects to be completed in two or three months.
“The stone is beautiful, but maybe we paint the building and tuckpoint it,” he said.
He also plans to install a new parking lot and do some electrical modernizing, such as fitting the property with LED lights. Moore said he has already ordered a new pylon sign.
“The exterior of the property is going to pop in the short order,” he said.
Moore said he has already spoken to at least five prospective tenants who are interested in moving their businesses to the Farmington Mall. Of the 41,223 total square feet the mall occupies, 19,512 square feet will be available for lease. This number includes several units, as well as a separate, dedicated restaurant property that is attached to the gas station and sits at around 2,500 square feet.
Moore said his biggest fear in buying the property was that people wouldn’t come, but he has been pleasantly surprised by the level of interest people have shown so far.
Dollar Tree has already signed a lease with the company, and Moore has spoken with a general contractor who is interested in opening up a cabinet showroom in the mall. He also is in talks with a prospective restaurant tenant and several others interested in opening retail shops in the space.
Moore encourages anyone interested in learning more about the property to contact him directly at 952-797-9999 for a showing. He said he will leave it up to the new tenants to decide how far they want to take the space’s renovations.
“This is what we do we. We improve properties. We turn ugly places into beautiful ones,” Moore said. “I’m really trying to work with the town to make sure we turn this thing around.”