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VCC Partners, Shamin VCC Acquire Former Macy’s in Virginia, Plan to Redevelop into Sports Complex

by Alex Tostado

Glen Allen, Va. — VCC Partners LLC and Shamin VCC LLC have acquired a 109,813-square-foot former Macy’s within Virginia Commons Mall in Glen Allen for $2 million. The buyers plan to demolish the existing building and redevelop the nine-acre property into a sports arena that will include indoor event space, basketball courts and seating for 4,500 spectators. Demolition will begin by May. David Kalman of S.L. Nusbaum Realty Co. represented the seller, Impact Investments Group LLC, in the transaction.

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DevelopmentGeorgiaMallsMixed-useNewsRetailers

Elevator City Partners Unveils Plans for $400 Million West End Mall Redevelopment in Atlanta

by Alex Tostado

Atlanta — Elevator City Partners (ECP) has unveiled plans for its $400 million West End Mall redevelopment project in Atlanta’s historic West End neighborhood. The unveiling of the plans follow months of public and private strategic meetings with community leaders and stakeholders, including nearby historic black colleges Spelman, Morehouse, Clark Atlanta University and Morehouse School of Medicine. The redevelopment of West End Mall will feature retail, restaurants, offices and housing delivered in two phases. The City of Atlanta provided a $2 million predevelopment loan to locally based-ECP to secure the …

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DevelopmentLeasingMallsMarylandNewsRetailers

URW Unveils Renovation Plan, New Tenants at 1.4 Million-Square-Foot Westfield Annapolis Mall

by Alex Tostado

Annapolis, Md. — Unibail-Rodamco-Westfield (URW), the owner of Westfield Annapolis mall, has unveiled plans to renovate and improve the mall, while adding new tenants. URW will convert the mall’s 110,000-square-foot former Lord & Taylor department store into a new shopping district composed of boutiques, home design stores and experience-driven offerings. The new section of the mall is slated to open to the public in 2021. URW’s mall-wide renovation program will include a new pedestrian gallery connecting the property’s Macy’s store and its Pottery Barn and Nordstrom wings. The gallery is …

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DevelopmentMallsNew YorkNews

University of Rochester Plans $240 Million Orthopedics Campus at Marketplace Mall

by Alex Tostado

Rochester, N.Y. — The University of Rochester (UR) will develop The UR Medicine Orthopaedics & Physical Performance Center at The Marketplace Mall in Rochester. The 330,000-square-foot facility will be the largest off-site building in UR history. Wilmorite, owner of The Marketplace Mall, will sell the former Sears department store and surrounding mall property to UR. Plans call for repurposing the vacant Sears building as the shell for the new ambulatory surgery center, with new operating rooms and procedure rooms. New construction would create a multi-story tower above the surgery center, …

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FeaturesMallsNewsRetailersSCBlog

Entertainment Offerings Help Malls Compete with E-Commerce

by Alex Tostado

Much has been made about online retail — and rightly so — with Amazon now an integral part of everyday life in the United States. But e-commerce’s growth doesn’t mean brick-and-mortar retail is dead. Brick-and-mortar outlets can be viable and profitable, even as retail bankruptcies and store closings increase. Real estate professionals should battle the misconceptions behind retail in 2020 and beyond while keeping an eye on where the next generation of retail is headed. The mall of 1975 is no longer. But could these retailers reemerge in hotel lobbies, …

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DevelopmentInvestment salesMallsMichiganNewsRetailers

Out of the Box Ventures Acquires Lakeside Mall in Michigan, Plans to Bring in New Uses

by Alex Tostado

Sterling Heights, Mich. — Out of the Box Ventures, a subsidiary of Miami-based Lionheart Capital, has acquired Lakeside Mall in Sterling Heights. The purchase price was $26.5 million, according to Crain’s Detroit Business. Out of the Box Ventures plans to incorporate new uses to the property other than retail but has not disclosed specific plans. The buyer acquired the mall after General Growth Properties Inc. defaulted on its $144 million mortgage loan. Lakeside Mall is the largest mall in the state of Michigan with more than 1.5 million square feet. It …

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GeorgiaInvestment salesMallsNewsRetailers

CBL Properties Sells Interest in The Outlet Shoppes of Atlanta for $20.8 Million

by Alex Tostado

Woodstock, Ga. — CBL Properties has sold a 15 percent interest in The Outlet Shoppes at Atlanta in Woodstock for $20.8 million to its joint venture partner, Horizon Group Properties. Both companies now own a 50 percent stake in the property. Net proceeds from the sale were used to reduce outstanding balances on CBL’s line of credit. CBL has sold $180 million worth of its assets in 2019, says Stephen Lebovitz of CBL, which announced earlier this month that it would indefinitely suspend stock dividends. The Outlet Shoppes at Atlanta …

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DevelopmentLouisianaMallsNewsRetailers

Owner of Metro New Orleans Mall to Start $100 Million Redevelopment, Adding Office Space and Apartments

by Alex Tostado

Metairie, La. — The Richards family, the longtime owner and operator of Clearview Shopping Center in Metairie, has unveiled plans to transform the 700,000-square-foot regional mall into a mixed-use destination. Located at 4436 Veterans Memorial Blvd., the new Clearview City Center sits on a 35-acre site approximately six miles northwest of downtown New Orleans. The $100 million project will add a hotel, 260 upscale apartments, open-air restaurants with rooftop seating, 100,000 square feet of office space and green space for outdoor events and concerts. “This is what the next-generation consumer …

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MallsNew JerseyNewsRetailers

Toys ‘R’ Us Opens 6,500-Square-Foot Store in Suburban New York City

by Katie Sloan

Paramus, N.J. — Toys ‘R’ Us has opened a 6,500-square-foot retail store at the Westfield Garden State Plaza Mall in Paramus, a western suburb of New York City. The new store, which opened on Saturday, Nov. 4, marks the first brick-and-mortar store the company has opened since it filed for bankruptcy in 2017 and closed all of its stores in 2018. Compared to the retailer’s previous big box stores, the new store follows an experience-driven format with playscapes, Lego sets and other interactive activities. Customers can purchase items in-store or access …

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FinanceIllinoisMallsNewsRetailers

Uber Capital Group Arranges $12.5 Million Acquisition Loan for Chicago Mall

by Alex Tostado

Chicago — Uber Capital Group has arranged a $12.5 million loan for the acquisition of Ford City Mall in Chicago. The 1.2 million-square-foot mall is located at 7601 S. Cicero St. JC Penney anchors the property, which is home to more than 135 retailers and restaurants, including a 14-screen AMC Theatres. Joel J. Gorjian of Uber arranged the three-year, fixed-rate loan at 75 percent loan-to-value with a 20-year amortization schedule. A New York-based private real estate investment group was the borrower.

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