CBL acquires Dakota Square Mall
Minot, N.D. — Chattanooga, Tenn.-based CBL & Associates Properties announced it has acquired Dakota Square Mall in Minot, N.D.
CBL acquired the property from the Lightstone Group.
“Dakota Square Mall offers significant immediate and long-term upside potential with below-average occupancy costs as well as opportunities for conversions of temporary tenants to permanent leases,” said Stephen Lebovitz, president and CEO of CBL & Associates Properties. “We anticipate adding value through these opportunities, as well as capitalizing on the substantial growth the market is experiencing.”
Dakota Square Mall was acquired for a total consideration of $91.475 million. It is a 622,000-sq.-ft., single-level, enclosed super-regional mall anchored by a nine-screen Carmike Cinema, Herberger’s, J.C. Penney, Sears, Target, Barnes & Noble and Scheels All Sports.
Potomac Mills to expand footprint
Woodbridge, Va. — Indianapolis-based The Mills, a Simon Property Group company, said that Potomac Mills, the largest outlet and value retail shopping destination in Virginia, will soon expand its footprint with the addition of an exterior transformation and two new restaurants: The Cheesecake Factory and Bobby’s Burger Palace.
The project also includes the relocation of Saks Fifth Avenue Off 5th and the introduction of Buybuy Baby and Christmas Tree Shops.
The new freestanding restaurants, as well as a third dining option to be announced soon, will be located in a new plaza on the south side of the property adjacent to Potomac Mills’ main entrance between AMC Potomac Mills 18 Theatres & IMAX and Costco. A courtyard will link the restaurants and provide access to Potomac Mills’ retail offerings.
The exterior renovation to the south side of the property is slated for November 2012 completion. New design, landscaping, lighting features and updated signage will be included in the refresh. Construction is slated to begin in late May or early June.
Excess Space celebrates 20-year anniversary
Lake Success, N.Y. — Excess Space Retail Services said it is celebrating its 20-year anniversary this year. The real estate consulting and advisory firm, which specializes in surplus real estate disposition and lease restructuring for retailers, was founded by president and CEO Michael Wiener in May 1992 and currently has offices in Lake Success, N.Y., and Huntington Beach, Calif.
Highlights of its 20 years in the industry include more than 16,000 retail stores successfully disposed and more than 7,000 retail leases effectively restructured.
“In our 20 years, we have seen dramatic changes in the retail market including multiple peaks and valleys,” said Wiener. “Today, albeit more cautiously, retailers have once again started to expand. In fact, many of those same retailers are simultaneously undertaking in-depth portfolio analyses, so as to identify weaker stores that can potentially be downsized, closed and/or relocated.”
Wiener said there is also a definitive trend toward downsizing/rightsizing as companies adjust to smaller footprint requirements mostly as a result of very strong internet sales. For now and the foreseeable future, this trend will be a driving factor in many of the anticipated closings/relocations, he said.