Deconstruct and obsolete shopping mall. Redevelop the property into a power strip center, maintaining an existing anchor and re-tenanting the property.
A first-generation regional enclosed mall had become obsolete due to the development of a newer, larger enclosed mall in close proximity. The best repositioning for certain enclosed malls requires the transformation from an enclosed mall into a different product type other than a mall such as: a lifestyle center, a power strip shopping center or a mixed-use development.
Project Goals:
- Make the project financially viable
- Re-position the asset (de-mall)
- Maintain the existing Discount Anchor (Big Kmart)
- Add a new Home Improvement anchor tenant (Lowes Home Improvement)
- Re-Tenant the remainder of the site and increase NOI and Net Value
Project Accomplishments:
- Design: Worked with existing Kmart anchor to convert from a mall anchor to a free-standing store.
- Re-designed Lowes Home Improvement’s merchandise floor-plan and building configuration to make it fit on a constricted site – and gained Lowe’s approval of the re-designed store.
- Planned the demolition of the enclosed mall and redesigned the remainder of the site to accommodate a full scale grocery store as well as various free-standing retailers
- Leasing: Redeveloped the enclosed mall into a power strip center which includes numerous free standing retailers such as:
- Lowes Home Improvement
- Kmart
- Price Chopper
- Borders Books
- Petco
- Michael’s
- Applebee’s
- Development: Obtained all municipal approvals, including site plan approvals and set-back variances
About Us
Spinoso Real Estate Group is a highly skilled real estate service firm providing a wide range of personalized services for the leasing, property management, analysis, repositioning, stabilization, materplanning and development of retail-based commercial real estate.
