Orlando Fashion Square mall is up for sale. Can it find a buyer?

ORLANDO, Fla. - Would you like to buy a mall? Orlando Fashion Square Mall has been put up for sale and is hoping to find a buyer.

The two-story, 625,000-square-foot mall is located on East Colonial Drive near Orlando Executive Airport and between downtown Orlando and Baldwin Park.

The mall opened in 1973, was sold in 2013, and eventually went into foreclosure following the closures of JC Penney and Sears, two of its anchor department stores, according to the listing.

Dallas-based Edge Commercial Real Estate is managing the potential sale. 

Managing Director Barney McAuley told FOX 35 that it's a great investment opportunity. 

"Most of the time we drive around the malls we're selling and there's vacant homes and a challenging economic environment. In this location, you drive around the mall and there are $3 million, $5 million homes," he said.

There have been several plans and proposals to redevelop the property, none of which have moved forward.

The mall itself is in a unique position in that one company, Bancorp, owns the buildings, and another company, Unicorp National Developments, owns the land that the mall sits on.

"If they were to sell the improvements on top of the land we own, whoever were to buy those, owes us a percentage of rent, because the original lease structure going way back in time before I was born, provides that whatever's built there they have to pay a percentage of the sales to the landlord, which is us," said Chuck Whittall. 

McAuley, of Edge Commercial Real Estate, said he and him team have been upfront about that agreement with potential buyers. He said there is interest in the property, though specific companies were not announced.

"It's not that uncommon, and we've dealt with it in many locations. We sold a mall earlier this year in Oregon where that was the situation," he said.

So, what would happen to the mall? All possibilities are on the table.

It's thought that whoever buys the mall would redevelop the site, likely tearing down all or most of the buildings and flipping the property into a mixed-use space, blending housing, commercial space, and stores.

"We think eventually they're going to give us the keys back to the property but I'm surprised they haven't, at this point. So we're just watching to see. We're happy with our investment, right now," said Whittall. 

FOX 35 reached out to Bancorp, but did not receive an immediate response.

So, how much is the asking price for the mall? McAuley declined to say.