Malls

Richard Chichester Spending, Stimulus, Stagflation

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

Development Malls News Retailers Virginia

Liberty University to Redevelop Portion of Mall Near Campus

by Alex Tostado January 8, 2021

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 …

January 8, 2021

Company news Indiana Malls Michigan News Retailers

Simon Property Group Completes Acquisition of Taubman Centers

by Alex Tostado January 6, 2021

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, …

January 6, 2021

Investment sales Malls New York News Retailers

Urban Edge Properties Acquires 1.2 Million Square-Foot Mall on Long Island for $29.7 Million

by Alex Tostado January 6, 2021

Massapequa, N.Y. — Urban Edge Properties has acquired Sunrise Mall, a 1.2 million-square-foot regional shopping and dining destination in the Long Island city of Massapequa. Urban Edge acquired the mall from Unibail-Rodamco-Westfield for $29.7 million. At the time of sale, the 77-acre property was 65 percent leased, with Macy’s, Sears and Dick’s Sporting Goods serving as the anchor tenants. Jose Cruz, Kevin O’Hearn, Andrew Scandalios, John Pelusi, Steve Simonelli, Michael Oliver and Ryan Robertson of JLL represented the seller in the transaction. The new ownership is planning a redevelopment plan, …

January 6, 2021

Georgia Investment sales Malls News

Gwinnett County Acquires Gwinnett Place Mall for $23 Million, Not Including Three Anchors

by Alex Tostado December 16, 2020

Duluth, Ga. — The Gwinnett County Board of Commissioners voted to acquire 39 acres at Gwinnett Place Mall in Duluth, including most of the mall’s inline tenants, food court and the shuttered Belk-Parisian store. The Urban Redevelopment Agency of Gwinnett County (URA) will buy the land for $23 million from Moonbeam Capital Investments LLC, a Las Vegas-based investor that bought the mall in 2013 from Simon. Moonbeam Capital put the mall up for sale last fall. The sale does not include the locations of Macy’s, Mega Mart and Beauty Master, …

December 16, 2020

Development Malls Properties Retailers Texas Videos

Grandscape Texas Mixed-Use Development Project to Cover 3MSF

by Sarah Daniels November 23, 2020

The Colony, Texas — Located in the rapidly growing suburbs of Northern Dallas, Grandscape is currently one of the largest mixed-use development projects in the U.S., occupying more than 400 acres in The Colony, Texas. At full build-out, Grandscape will boast over 3 million square feet of retail, entertainment, dining, residential, office and attractions. Phase one of the lifestyle center is open and includes such attractions as the country’s largest home furnishings store, Nebraska Furniture Mart; entertainment anchors, Andretti Indoor Karting & Games and Galaxy Theatres; and the all-sports store, …

November 23, 2020

Company news Indiana Malls Michigan News Retailers

Simon, Taubman Revise Merger Agreement, Reduce Asking Price by $800 Million

by Alex Tostado November 16, 2020

Indianapolis and Bloomfield, Mich. — Simon Property Group and Taubman Centers Inc. have modified their merger agreement to include a new purchase price of $43 per share, enabling Simon to proceed with its acquisition of an 80 percent interest in Taubman. CNBC reports that the decline in the agreed-upon share price from $52.50 per share effectively reduces the price tag of the deal by $800 million. This announcement comes just as the two regional mall REITs were set to square off in Circuit Court for the Sixth Judicial District of Oakland …

November 16, 2020

Ancillary Retail Industry Content Leasing Malls Marketing Pop-Up Retail Webinar

Webinar: Driving Retail Income Through Specialty Leasing & Ancillary Revenue

by Sarah Daniels October 23, 2020

On October 15 Ancillary Retail hosted a webinar titled “Driving Income Through Specialty Leasing and Ancillary Revenue.” Webinar panelists shared how important it is to quickly shift strategy, not just in relation to COVID-19, but everywhere that customers and retailers are already adapting to omnichannel shopping. Events and marketing efforts are being streamlined to go virtual while also supporting those customers who are still comfortable visiting brick-and-mortar stores. Cynthia Czech shared details about Pacific Retail Capital Partners’ successful rollout of CosmeCon 2020 that included boxes for attendees to use during …

October 23, 2020

Malls New Jersey News Retailers

Triple Five Group Reopens American Dream in East Rutherford, New Jersey

by Alex Tostado October 1, 2020

East Rutherford, N.J. — Triple Five Group has reopened the American Dream shopping and entertainment destination in East Rutherford, located just outside New York City. American Dream is located in the Meadowlands Sports Complex by MetLife Stadium, home of the New York Jets and Giants and features some 3 million square feet of retail and entertainment space. According to local media reports, marquee attractions include such as the Nickelodeon Universe theme park, DreamWorks water park, Angry Birds mini-golf and an NHL-sized ice skating rink are now open under limited capacities. …

October 1, 2020

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