Malls

DJM, PGIM Receive Approval for Mixed-Use Project at Bella Terra Shopping Center in Metro Los Angeles

by Hayden Spiess November 8, 2022

Huntington Beach, Calif. — A partnership between DJM and PGIM has received approval for a mixed-use redevelopment project at Bella Terra, an 852,000-square-foot retail property located roughly 35 miles outside Los Angeles in Huntington Beach. Plans for the project, now approved by the Huntington Beach City Council, include the demolition of a 149,000-square-foot Burlington Coat Factory-occupied building and an adjacent 33,000-square-foot building. The partnership will replace the existing buildings with a low-rise structure featuring 25,000 square feet of ground-floor retail and restaurant space and five stories of residential space, comprising …

November 8, 2022

Development Indiana Malls News

Park Development to Redevelop Vacant Mall in Central Indiana

by Katie Sloan August 29, 2022

Logansport, Ind. — Park Development has unveiled plans to redevelop the vacant Logansport Mall in central Indiana into an open-air retail center named The Junction. Built in 1968, the mall has sat largely vacant for the past decade. Design plans by GEA Architects call for nearly 160,000 square feet of retail space along with three outlots. The Junction is shadow anchored by a Walmart Supercenter and Home Depot. Existing tenants Dollar Tree and Dunham’s Sports will also remain. Planet Fitness opened a new location last spring, Harbor Freight Tools is …

August 29, 2022

California Investment sales Malls News

Unibail-Rodamco-Westfield Sells Westfield Santa Anita Near Los Angeles for $537.5 Million

by Katie Sloan August 25, 2022

Arcadia, Calif. — Unibail-Rodamco-Westfield (URW) has sold Westfield Santa Anita, a 1.5 million-square-foot regional mall located roughly 15 miles northeast of Los Angeles in Arcadia, for $537.5 million. The transaction represents the largest price paid for a regional mall in the U.S. since 2018, according to Eastdil Secured, which acted as financial advisor to the seller. The buyer is an undisclosed real estate investor that owns other retail assets in Southern California. The acquisition was funded through a combination of equity and new debt, and reflects a sub-6 percent net initial yield …

August 25, 2022

Leasing Malls News Pennsylvania

PREIT Welcomes New Tenants to Cherry Hill Mall in Metro Philadelphia

by Katie Sloan August 23, 2022

Cherry Hill, N.J. — Pennsylvania Real Estate Investment Trust (PREIT) has welcomed several new tenants to Cherry Hill Mall in metro Philadelphia. Apparel brands Psycho Bunny and Levi’s have signed leases for 2,390 and 3,000 square feet with plans to open in mid-2023 and late 2022, respectively. Seafood restaurant Eddie V’s has also committed to 8,685 square feet and is targeting a spring 2023 opening. Laura Pomerantz of Cushman & Wakefield represented Levi’s in the lease negotiations, and Drew Schaul and David Orkin of CBRE respectively represented Psycho Bunny and Eddie …

August 23, 2022

Development Malls New Jersey News

Unibail-Rodamco-Westfield Plans Redevelopment of Westfield Garden State Plaza in Northern New Jersey

by Katie Sloan August 22, 2022

Paramus, N.J. — Unibail-Rodamco-Westfield (URW), a shopping center owner-operator based in France, has unveiled plans to redevelop Westfield Garden State Plaza, a 2.1 million-square-foot regional mall in the Northern New Jersey community of Paramus. According to Forbes, Westfield Garden State Plaza remains one of the best-performing regional malls in the country. But about 10 years ago, URW began planning a long-term redevelopment to distinguish the property from and compete with American Dream, Triple Five Group’s entertainment-heavy mega-mall that is located within the Meadowlands sports complex in nearby East Rutherford. To that …

August 22, 2022

Features Industry Content Malls Marketing Operations Power centers Retail Insight Retailers

Prop Tech Refocused: Data Collection to Create Retail Community

by Sarah Daniels May 10, 2022

The popularity of property technology (prop tech) has expanded rapidly as retail owners and operators look for chances to streamline and improve their properties via data collection. However, says Sandy Sigal, president and CEO of NewMark Merrill, the hardest part of making prop tech useful isn’t collecting data. “The hard part about implementing prop tech successfully is making sure that the data is understandable, actionable and can be used by a wide array of people. It’s easy to be overwhelmed with data, and it can be very hard to draw …

May 10, 2022

Georgia Malls News

Franklin Street Arranges 20,388-Square-Foot Lease with Burlington at Shopping Center in Metro Atlanta

by Katie Sloan April 29, 2022

Cumming, Ga. — Franklin Street has arranged a 20,388-square-foot lease with Burlington at Cumming Town Center, a 311,396-square-foot shopping center in Cumming, about 35 miles north of Atlanta. Sam Kreuger and Kaitlyn Theriot of Franklin Street represented the landlord, Site Centers, in the transaction. The publicly traded REIT focuses on investing in well-positioned shopping centers such as Cumming Town Center, which is now fully leased. The space that Burlington is backfilling was formerly occupied by Staples. Other tenants at the property include T.J. Maxx, Dick’s Sporting Goods, Ulta Beauty, Best Buy, …

April 29, 2022

Content Partners Features Industry Content Leasing Malls Operations Power centers Retailers

Tech Offers Insight for Shopping Center Owners Looking to React to Consumer Data

by Sarah Daniels October 12, 2021

“Retail has one very serious advantage as an asset class — it provides a lot of data. However, very few people actually look at the data,” says Sandy Sigal, president and CEO of NewMark Merrill. Historically, gathering data required landlords and managers to physically visit sites, and data insights would likely have been skewed based on time of day for the visit, momentary traffic variables or incomplete sales reports. Today’s technology automatically captures much more complete data related to consumer demographics and behavior patterns. For today’s shopping center owners, the …

October 12, 2021

Richard Chichester Spending, Stimulus, Stagflation

Content Partners Faris Lee Investments Features Industry Content Leasing Malls Mixed-use Retailers

Retail’s Current Watchlist: Spending, Stimulus, Stagflation

by Sarah Daniels June 16, 2021

Retail, when it really boils down to it, is dictated by the almighty dollar. This, of course, means those who hold those dollars are in control. Consumers have been on quite the wild ride over the past 16 months, and sitting up front with them is the retail industry. “Brick and mortar will come back, but it’s going to come back differently,” says Richard Chichester, president and CEO of Irvine, Calif.-based Faris Lee Investments. “There is pent-up demand after a year of being shut down. The pandemic accelerated the emphasis …

June 16, 2021

Company news Development Georgia Malls News Retailers

New York Life Taps Trademark Property to Manage Redevelopment of North Point Mall in Metro Atlanta

by Alex Tostado January 13, 2021

Alpharetta, Ga. — Trademark Property Co. will oversee the redevelopment of North Point Mall in Alpharetta. According to several media outlets, the previous owner, Brookfield Properties, relinquished ownership back to New York Life Insurance Co. earlier this month. Trademark will also manage and lead the leasing effort for the property. North Point Mall spans 1.3 million square feet and is located near the intersection of Ga. Highway 400 and Encore Parkway, 25 miles north of downtown Atlanta. The enclosed mall features 129 stores and restaurants, including Dillard’s, JC Penney, Von …

January 13, 2021

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