Amazon fulfillment center to rise on site of ‘World’s Biggest Mall’
The Randall Park Mall outside of Cleveland was part of retail history in the mid-70’s when it debuted as “The World’s Biggest Mall.” Now the site becomes woven into the retail narrative of the 21st Century.
Amazon has announced it will build an 855,000-sq.-ft. fulfillment center where the mall, demolished in 2014, once was the centerpiece of the village of North Randall, Ohio. The 855,000-sq.-ft. foot facility — which will pack and ship small items like books, toys, and electronics — promises to bring as many as 2,000 jobs to the struggling community.
"I saw the rise. I saw the fall," said the town’s building commissioner Charles Horvath, who started his career at the same time the mall opened in 1976, in a Cleveland.com interview. "We were in a depression before the rest of America was even in a recession."
The site reported that the Cleveland-Cuyahoga County Port Authority board will put up $123 million worth of bond financing for the $177 million construction of the fulfillment center. Developer Seefried Industrial Properties will then lease the facility to Amazon.
Sprouts-anchored center acquired
Riverstone Capital Group has purchased the 43,199-sq.-ft. Shops at Lexington Circle in the Atlanta suburb of Peachtree City.
Anchored by a Sprouts Farmers Market and located on the West Highway 54 retail corridor, the property offered for sale by Mirabeland Investments and Concordia Properties was not on the market long, according to the deal’s broker.
“As a newly developed shopping center with an exciting grocery anchor, The Shops at Lexington Circle garnered significant interest from the investment community,” said JLL managing director Margaret Caldwell.
Continued growth is expected for the area with the recent opening of Pinewood Studios about five miles from the center. It is reputed to be the largest purpose-built studio complex outside of Los Angeles.
L.L. Bean opens at Virginia lifestyle center
Chains close stores, and chains open stores. Legendary cataloger and online retailer L.L. Bean is one of the latter, opening its 33rd store outside of Maine and its fourth in the state of Virginia.
This week’s debut came at The Shops at Stonefield, a 265,000-sq.-ft. lifestyle center in Charlottesville that was acquired by O’Connor Capital Partners last year.
“Charlottesville is an active, vibrant city with an abundance of outdoor recreational opportunities and a population base that regularly takes advantage of these resources,” said Ken Kacere, senior VP and GM of retail at L.L. Bean.
The Residences at Stonefield, a community with 104 townhomes, is under development in the area, and the center is two miles from the campus of the University of Virginia.
“The Shops at Stonefield offers a prime example of why we believe there is still potential in retail,” said O’Connor CEO William Q. O’Connor. “It’s a destination property with a pleasing outdoor atmosphere and plenty of shopping, dining and entertainment choice, located in the midst of a densely-populated, vibrant and growing region.”