SOLD! Lake Of The Ozarks Outlet Mall Has Officially Changed Hands

OSAGE BEACH, Mo. — A development group has officially purchased the Osage Beach Outlet Marketplace from Simon.

Sky Real Estate announced on Thursday that it had purchased the mall. Though rumors had swirled around the Lake for months that the mall had been bought, the group announced in a press release on Thursday, and one of the developers privately confirmed to LakeExpo that the contract on the mall had closed on Thursday, Nov. 21.

The group published the following press release on Thursday evening:

Osage Beach, MO — Sky Real Estate is excited to announce its acquisition of the Osage Beach Outlet Marketplace from a subsidiary of Simon Property Group, Inc (NYSE: SPG). The 391,000-square-foot shopping center, located on a 60-acre parcel along Osage Beach Parkway, has been a cornerstone of the Lake of the Ozarks region for decades.

The outlet center features key tenants such as Polo Ralph Lauren, Under Armour, Bath & Body Works, and LOFT. Sky Real Estate looks forward to continuing operations and collaborating with the local community partners to create a long-term plan that enhances the property’s role as a vital regional destination.

For more information updates on the Osage Beach Outlet Marketplace redevelopment, please visit: www.osagebeachoutletmarketplace.com

About Sky Real Estate

Founded in 2016, Sky Real Estate invests in commercial real estate properties across various sectors, with a focus on long-term value creation. Driven by an entrepreneurial spirit, Sky brings creativity and enthusiasm to every project. The company places a high value on fostering strong relationships with team members, partners, tenants, lenders, and the communities it serves.

Osage Beach Outlet Mall - Empty Stores — photo by Nathan Bechtold

A Long Journey

The outlet mall has long been the subject of concern and curiosity in the Lake of the Ozarks community. Once a major economic driver, the mall was one of the largest attractions in the area other than the Lake itself, and it was also one of the Lake's major employers. But the mall has been in a fairly rapid decline over the past decade.

Osage Beach Outlet Mall - Empty Buildings — photo by Nathan Bechtold

With the capacity for more than 100 stores, the mall now only has around 20. Meanwhile, myriad health and safety concerns have piled-up at the increasingly disused facility.

A Collapsed Landing & Staircase At The Outlet Mall — 4540 Osage Beach Pkwy – looking west – closure of stairs due to corroded steel structure, collapse of landing

The new owners say they have big plans for a bright future. But for now, they're keeping those plans quiet.

Back in Nov. 2021, with a different business partner, Chris and Dan Fosters Horizon Developments made a move on the mall. With the mall under contract, the group at that time had asked the City of Osage Beach for various tax incentives to help redevelop the mall. But the deal fell apart in June 2022, with conflict arising between the developers and the city during the investigatory process.

After that, in March 2023, local developer Gary Prewitt threw his hat in the ring, announcing he and other investors had the mall under contract. But nothing came of that, the contract expired, and conjecture about the mall's future ran wild.

Watch LakeExpo.com for updates and announcements on the group's plans for redeveloping the mall.