Towne Square Mall


Towne Square Mall is a shopping mall located in Owensboro, Kentucky. It is anchored by JCPenney.

History

Towne Square Mall was built by David Hocker and Alan Squitieri for $20 million, with Squitieri later being bought out. It opened on March 1,1978 and was one of the largest shopping centers in the area. JCPenney moved to the mall from downtown. Heitman Advisory Corporation purchased most of the malls shares in 1987. Hocker and Associates continued as management. TS Partners sold the mall for $29 million to Aronov Realty Management and NationsBank of Texas in 1998. Lakestar Properties purchased the mall for $29 million in April 2007 from Aronov Realty Management. Sears closed in late 2014.
U.S. Bank National Association foreclosed on the mall in July 2015, with the mall owing $27.6 million. Jones Lang LaSalle managed the mall as its receiver. U.S. Bank later purchased the mall at auction for almost $19 million. Kohan Retail Investment Group purchased the mall for $2.9 million in May 2018. Macy's was not part of the sale due to owning its building. Additional property purchases around the mall totaled $1.1 million. Towne Square Mall was again sold in December 2019 to Towne Square Mall Holdings LLC for $5.15 million. Management of the mall was changed to Gulfstream Commercial Services LLC, one of its owners. Macy's closed in Spring 2020. JCPenney will close later in 2020.
The former Macy’s, not owned by the mall, was sold to Owensboro Indoor Sports LLC for $1.25 million in July 2020. Plans are to covert the building to a sports facility.