Muinzer Management, together with a Chicago-based real estate investment firm, today announced the off-market purchase of half of the ownership rights to the Chauncey Hill Mall and the Chauncey Hill Annex.
Muinzer purchased the ownership from Trinitas Ventures, a Lafayette-based real estate investment firm. CEO Marc Muinzer declined to disclose the price of the acquisition.
“Off-market opportunities to acquire generational assets at a compelling price are very rare," Muinzer said in a press release. "Our team was uniquely positioned to close quickly via an all-cash transaction."
The properties are underpinned by four acres of high-rise designated land located in Chauncey Village. Kevina and Jennifer Schumaker, through their business Chauncey Hill Partnership, own the other half of the stake in the property.
The sale comes two years after the Tippecanoe County Area Plan Commission rejected a plan Trinitas offered, which focused on building more student housing.
“The sale today is bittersweet," Trinitas CEO Loren King said in a statement Friday. "We acquired our partnership interest in the mall nearly seven years ago and have dreamed about its potential transformational redevelopment for over a decade."
The APC and West Lafayette city officials said the space should not be centered on student housing in comments included in the West Lafayette Downtown Plan, which passed earlier this year.
"We have been keeping an eye on this property," West Lafayette Director of Development Erin Easter said. "You wouldn't want to see just one thing happening there."
Instead, the downtown plan's suggestions lay out a design for a hotel, grocery store, brewery and similar commercial ventures in Chauncey Village. The proposal also designates areas for green space and public events.
"We are exploring a number of options," Muinzer said on whether he hoped to build apartments on the lot.
Muinzer Management is the largest residential, retail and land owner near Purdue's campus, according to the release.