$34.15 per square foot

Want to buy a shopping mall? This local one is on deep discount, going for less than a Woodlands manse

Want to buy a shopping mall? This local one is on deep discount, going for less than a Woodlands manse

Mall of the Mainland, sign
The Texas City mall is listed for just $15.4 million.  Southern Retail

Those looking to buy a shopping mall are in luck: The Galveston Daily News reports that the Mall of the Mainland — the only shopping mall in Galveston County — is on the market for a mere $15.4 million.

That's just a little less than this five-bedroom mansion in The Woodlands with an in-house spa/hair salon, a '50s concession room and a plush movie theater

Pacific Western Bank delegated management of the mall in 2010 to Boxer Property Management, the same company that spent approximately $10 million revamping the former Sharpstown Mall, which it renamed PlazAmericas and rebranded with a Latin theme and mercado stalls.

According to the Daily News, Boxer Property Management and the bank had initial plans "to "re-tenant" the mall and transform it into a retail center with a focus on indoor entertainment and a "Kemah" feel."

The paper speculates that the Oct. 19 grand opening of nearby Tanger Outlets might have derailed that redevelopment route. 

The mall, which is located on 48.43 acres in Texas City, claims just 34 percent occupancy including major tenants Palais Royal, Sears and a Cinemark 12 Movie Theater.