Private investors buy Tiffin Mall for $750,000

2/9/2012

TIFFIN — The Tiffin Mall, a 32-year-old open-air shopping center anchored by J.C. Penney and a Cinemark theater, was sold Wednesday by longtime owners DDR Corp., formerly Developers Diversified Realty, to private investors.

According to the Seneca County Auditor’s Office, the 195,000-square-foot mall was sold for $750,000 to Tiffin Mall Realty Management LLC, an investment group formed in November. DDR Corp., a Beachwood, Ohio, real estate property manager, purchased the mall in 1993 from its predecessor, Developers Diversified Ltd., which was a shopping center developer.

The auditor’s office last year appraised the mall, about 75 percent occupied, at $4.9 million.