Melbourne Square Mall has new owners after being sold to Second Horizon Capital as part of the bankruptcy proceedings of its former owner, Washington Prime Group. The 710,000-square-foot shopping center, which houses 125 retailers, will see immediate investments in building upgrades, operations, and community programs. Howard Levine, managing partner and co-founder of Second Horizon Capital, said the mall has long been a gathering place for the Space Coast community and will now get targeted improvements to enhance the guest experience. 'We are building on that momentum,' Levine said in a statement. The investment group, which also owns malls in Florida, Illinois, Utah, and Arkansas, plans to expand the mall's programming and partner with local businesses and organizations. The sale comes as regional malls nationwide face challenges from online shopping, according to a Capital One report. Second Horizon said it will focus on strengthening tenant performance and ensuring the mall remains a community hub. The mall's previous owner, Washington Prime Group, filed for bankruptcy in 2023, leading to the sale. Second Horizon described itself as an impact investment firm that aims to transform underinvested commercial properties. The company said it will allocate resources to community engagement and center operations immediately. The mall, located on U.S. 1 in Melbourne, has been a fixture in the area for over 40 years. Levine emphasized the mall's existing mix of national brands and local retailers as a strong foundation for future improvements. The investment group did not specify the purchase price or timeline for upcoming projects. Local officials have not yet commented on the sale.