SingHaiyi enters deal to sell Ohio mall to Park Harbor Capital for US$29M

U.S. one-dollar currency notes; taken September 2018.U.S. one-dollar currency notes; taken September 2018.

SingHaiyi Group’s wholly owned subsidiary Tri-County Mall has entered a deal to sell a mall located in Cincinnati, Ohio, in the U.S., to Park Harbor Capital for US$29 million, the Singapore-listed property developer said in a filing to SGX Tuesday.

The pricing of the deal took into account both the book value and the re-development potential of the property, the filing said.

The property’s book value was at US$18.7 million at end-March, while the original purchase price was US$45 million, the filing said.

The property is a two-storey enclosed shopping mall located at 11700 Princeton Pike, in the northern suburbs of Cincinnati, Ohio, in the U.S., the filing said. The site area is around 3.31 million square feet, with an open car park space to accommodate 7,118 cars, while the net rentable area is around 1.26 million square feet, of which department store Macy’s owns 227,072 square feet, the filing said.

Park Harbor Capital has a limited online presence.

Michael VanHuss has been managing director at Texas-based Park Harbor Capital since January 2019, according to his LinkedIn profile. Park Harbor Capital is listed as being incorporated in Texas in 2018, with the office located in Hickory Creek.

Two Covid-related paycheck protections loans, of US$20,832 and US$20,833, were disbursed to one or two individuals named Michael VanHuss in the commercial and institutional building construction industry, located in Hickory Creek, Texas, according to data on the website FederalPay.org. There isn’t enough information to determine if either or both of the loans went to the managing director of Park Harbor Capital.

Singapore-listed SingHaiyi is focused on property development and management; it has projects and investments in Singapore and the United States, and investments in Malaysia and Australia.