Malls

PREP Property Group to Redevelop Mall into Mixed-Use Property in Metro Boston for $250 Million

by Alex Tostado September 19, 2019

Hanover, Mass. — PREP Property Group has unveiled plans to redevelop Hanover Mall in Hanover, approximately 22 miles southeast of downtown Boston. The project costs are estimated at $250 million. PREP will rebrand the mall as Hanover Crossing, an open-air, mixed-use project that will feature 297 multifamily units and will be anchored by an 80,000-square-foot Market Basket Supermarket. Market Basket will feature Market’s Kitchen and Café, a prepared foods department offering a variety of freshly made meals, sandwiches, salads, subs, brick oven pizza and Niji sushi. The location will also …

September 19, 2019

California Investment sales Malls News

Mason Asset Management, Namdar Group Buy 500,000-Square-Foot Sierra Vista Mall in San Joaquin Valley

by Alex Tostado August 2, 2019

Clovis, Calif. — Mason Asset Management and Namdar Group have purchased Sierra Vista Mall and Lifestyle Center, a regional mall located at 1050 Shaw Ave. in Clovis, eight miles northeast of Fresno. An undisclosed seller sold the asset for $41 million. The seller had a 100 percent leasehold interest in the 500,000-square-foot mall. Originally built in 1988 and renovated in 2005, the mall features an outparcel and open-air configuration, as well as interior space. Current tenants include Kohls, Target, Sierra Vista Cinema, AT&T, Baja Fresh, Chipotle, Jamba Juice, Panera Bread, …

August 2, 2019

Company news Malls News Pennsylvania Retailers

GNC to Close Up to 900 Stores by End of 2020; Retail Analyst Offers Insight

by Alex Tostado July 25, 2019

Pittsburgh — The vitamin and health supplement niche of the brick-and-mortar retail market continues to experience intense competitive pressure, observes veteran retail consultant Jeff Green. So it came as no surprise to Green when GNC Holdings Inc. (NYSE: GNC) officials revealed in a second-quarter earnings call earlier this week that it will shutter up to 900 stores in North America by the end of 2020. “It used to be that specialty health supplements were only found in specialty stores such as GNC, Vitamin Shoppe and other regional chains,” says Green, …

July 25, 2019

Development Malls New York News Retailers

Century 21 to Open Store at Roosevelt Field on Long Island

by Alex Tostado July 23, 2019

Garden City, N.Y. — Century 21 Stores will open a new department store at Roosevelt Field in Garden City. The 68,000-square-foot store is expected to open in spring 2021. Century 21 will be housed in the space currently occupied by Bloomingdale’s Furniture, which will be consolidating into the newly renovated Bloomingdale’s store. Century 21 will offer men’s, women’s and children’s apparel, footwear, outerwear, lingerie and accessories, beauty and home goods. Roosevelt Field is owned and operated by Indianapolis-based Simon. The mall has more than 250 retailers including anchors Neiman Marcus, …

July 23, 2019

Finance Investment sales Louisiana Malls News Retailers

Uber Capital Provides $33 Million Acquisition Loan for Mall in Louisiana

by Alex Tostado July 23, 2019

Lafayette, La. — Uber Capital Group LLC has provided a $33 million acquisition loan for Acadiana Mall in Lafayette. The loan comes with a 15-year term, a 5.4 percent fixed-rate, 70 percent loan-to-value and is partial recourse. Acadiana Mall spans 1.6 million square feet, and is located six miles south of downtown Lafayette. The anchor tenants are Macy’s, Dillard’s and JCPenney. Additional tenants include Aeropostale, Victoria’s Secret, Forever 21, The Children’s Place, Zumiez, Kay Jewelers, Jimmy Jazz, Men’s Wearhouse, Chick-fil-A, Thai Max and T-65 Café restaurants. Namdar Realty Group acquired …

July 23, 2019

Investment sales Malls News Oregon Retailers

Overbay Development Co. Sells Wagner Mall, Pinebrook Plaza in Bend, Oregon

by Alex Tostado July 19, 2019

Bend, Ore. — Overbay Development Co. has completed the disposition of Wagner Mall and Pinebrook Plaza, two shopping centers located in Bend. Western Pacific Holdings acquired the both assets for an undisclosed price. Located at 1800 NE Third St., Wagner Mall features 108,818 square feet of retail space, including Albertsons, Rite Aid and Aaron’s as tenants. The Wagner Mall sale include the mall, large box spaces and the surrounding pad sites, totaling 9.35 acres. Located at 61155 Highway 97, the 59,509-square-foot Pinebrook Plaza is currently home to Albertsons and other …

July 19, 2019

Investment sales Malls New York News Retailers

Douglas Development Buys Regional Mall Near Buffalo for $30.5 Million

by Alex Tostado July 17, 2019

Amherst, N.Y. — Douglas Development Co. has purchased Boulevard Mall, a 961,800-square-foot shopping and dining destination in the Buffalo suburb of Amherst, for $30.5 million. The property was originally built in 1962 and is situated on 64 acres. The mall was renovated in 2000 and is now anchored by tenants such as Dick’s Sporting Goods and Macy’s. Jose Cruz, Kevin O’Hearn, Claudia Steeb, Michael Oliver and Ryan Robertson of JLL handled the transaction in conjunction with Ten-X on behalf of the undisclosed seller. HFF closed the sale, which included an …

July 17, 2019

Finance Florida Malls News Retailers

Bal Harbour Shops To Expand by 300,000 Square Feet

by Alex Tostado July 9, 2019

Miami Beach, Fla. — Whitman Family Development is planning a 300,000-square-foot expansion of Bal Harbour Shops, including a new Barneys New York location and three-story promenade. The company has received $550 million in financing to expand the iconic center in Miami Beach. The 463,114-square-foot mall is home to anchors Saks Fifth Avenue and Neiman Marcus. Miami-based Whitman Family Development will use $150 million of the loan to pay off an existing loan and $400 million to expand the center by 300,000 square feet, bringing the total to 763,114 square feet. …

July 9, 2019

Development Malls News Texas

Fidelis Begins 1.1 Million-Square-Foot Redevelopment of San Jacinto Mall in Metro Houston

by Alex Tostado July 9, 2019

Baytown, Texas — Fidelis Realty Partners has begun the redevelopment of the San Jacinto Mall, a 1.1 million-square-foot shopping and dining center that opened in 1981. Fidelis, which acquired the mall in 2015 from Triyar Retail Group, is demolishing one of the anchor stores that was previously occupied by Sears as part of the initial phase of the redevelopment. According to local media sources, Fidelis will ultimately reposition the mall into a 1 million-square-foot, open-air center that will be branded San Jacinto Marketplace.

July 9, 2019

Industry Content Learn from Industry Leaders Malls Retail Insight Videos

Spinoso: What’s the New Formula for Enclosed Malls?

by SCB Staff June 21, 2019

Malls are not dead, but the formula has certainly changed, notes Carmen Spinoso, CEO of Spinoso Real Estate Group. That’s because there is no formula any longer when it comes to these assets. The one-size-fits-all approach no longer works, but that doesn’t mean winning strategies can’t be found. These strategies, Spinoso asserts, vary based on demographics, consumer profiles, existing retailers and competition within the market. He believes today’s strategy is part art and part science, but reinvigorating these spaces can be done. Spinoso is in the middle of two such …

June 21, 2019

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