The American Dream Mall in Eagan, Minnesota, is being bought by a mall operator that plans to add several stores to the mall, according to the Minnesota Business & Professional Review.
The mall operator, First Mall Properties LLC, has a lease on the mall for a period of 10 years.
First Mall plans to build a large-scale retail complex and expand its food, apparel and other retail outlets at the mall.
The company is also building a shopping center at the site, but is working to secure funding to complete the project, according the Minneapolis Star Tribune.
The American Dream, which opened in 1983, opened its first outlet in the mall in 2015, the paper reported.
It was remodeled into the now-defunct Eagan Mall, which was closed in October 2019.
In an email to The Associated Press, a spokesman for First Mall said the company had reached a lease agreement with the mall operator.
The mall is also planning a project at the Eagan Gateway Mall, according an e-mail from First Mall to the Star Tribune on Wednesday.
The e-mails indicate First Mall will acquire the mall property for $3.6 million.
The lease would be for 10 years, with an option for an additional 10 years at an option price of $3 million, according First Mall.
In 2018, First launched a new business at the center of the Eager Beaver theme park, the mall’s former main entrance.
The new business will include a restaurant and a large outdoor mall that is slated to open in 2019.
The Eagan Expressway opened in July 2019 and was the mall mall’s second anchor.
The new mall is being built by First Mall, the Star-Tribune reported.