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CaliforniaInvestment salesMallsNews

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

by Katie Sloan

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 …

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LeasingMallsNewsPennsylvania

PREIT Welcomes New Tenants to Cherry Hill Mall in Metro Philadelphia

by Katie Sloan

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 …

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Westfield-Garden-State-Plaza-Paramus
DevelopmentMallsNew JerseyNews

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

by Katie Sloan

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 …

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Sandy Sigal Prop Tech quote
FeaturesIndustry ContentMallsMarketingOperationsPower centersRetail InsightRetailers

Prop Tech Refocused: Data Collection to Create Retail Community

by Sarah Daniels

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 …

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Cumming-Town-Center
GeorgiaMallsNews

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

by Katie Sloan

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, …

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Sandy Sigal NewMark Merrill Proptech
Content PartnersFeaturesIndustry ContentLeasingMallsOperationsPower centersRetailers

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

by Sarah Daniels

“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 …

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Richard Chichester Spending, Stimulus, Stagflation
Content PartnersFaris Lee InvestmentsFeaturesIndustry ContentLeasingMallsMixed-useRetailers

Retail’s Current Watchlist: Spending, Stimulus, Stagflation

by Sarah Daniels

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 …

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Company newsDevelopmentGeorgiaMallsNewsRetailers

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

by Alex Tostado

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 …

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DevelopmentMallsNewsRetailersVirginia

Liberty University to Redevelop Portion of Mall Near Campus

by Alex Tostado

Lynchburg, Va. — Liberty University will redevelop the West End of River Ridge, a university-owned mall, less than one mile from campus. The university will demolish the Macy’s building in the first quarter of this year and plans to turn the area into an open-air shopping center with a food hall. The renovated shopping area will feature higher store elevations and urban-esque storefront designs, as well as an outdoor venue for family-themed community events. Liberty plans to deliver the food hall in late 2021 and the rest of the project …

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Company newsIndianaMallsMichiganNewsRetailers

Simon Property Group Completes Acquisition of Taubman Centers

by Alex Tostado

Indianapolis — Simon Property Group Inc. has completed its acquisition of an 80 percent ownership interest in The Taubman Realty Group Limited Partnership (TRG) for approximately $3.4 billion. Under the terms of the transaction, Simon, through its operating partnership, Simon Property Group L.P., acquired all of Taubman Centers Inc.’s (TCO) common stock for $43 per share in cash, and the Taubman family sold approximately one-third of its ownership interest at the transaction price and remains a 20 percent partner in TRG. BofA Securities, Citigroup Global Markets Inc. and Evercore Group, …

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