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Douglas Development Buys Regional Mall Near Buffalo for $30.5 Million

by Alex Tostado

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 …

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FinanceFloridaMallsNewsRetailers

Bal Harbour Shops To Expand by 300,000 Square Feet

by Alex Tostado

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. …

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DevelopmentMallsNewsTexas

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

by Alex Tostado

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.

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Industry ContentLearn from Industry LeadersMallsRetail InsightVideos

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

by SCB Staff

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 …

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Investment salesMallsNewsNorth Carolina

Tanger Outlets Sells Four Outlet Malls to Singerman Real Estate, The Outlet Resource Group for $130.5 Million

by Alex Tostado

Greensboro, N.C. — Tanger Factory Outlets Center Inc. (NYSE: SKT) has sold four non-core outlet malls to a joint venture between Singerman Real Estate and The Outlet Resource Group for $130.5 million. The four centers are located in Nags Head, North Carolina; Ocean City, Maryland; Park City, Utah; and Williamsburg, Iowa. The four properties were 95.8 percent occupied at the time of the sale. Greensboro, North Carolina-based Tanger Outlets expects to use $128.7 million of the proceeds to pay off existing debt. Tanger operates 40 outlet malls across 20 states …

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