VEREIT acquires Kansas center
VEREIT has acquired a thriving, value-oriented Wichita-area center on behalf of Cole Credit Property Trust V.
The 100,000-sq.-ft. Derby Marketplace in Derby, Kansas, features Ross Dress for Less, TJ Maxx, and Hobby Lobby. It is shadow-anchored by Target and Dillons Marketplace.
Mid-America Real Estate brokered the sale in cooperation with RH Johnson on behalf of the seller, a private developer.
Westfield Century City breaks into show biz
With traditional anchors closing shop, malls nationwide are struggling to make themselves part of the entertainment business. None, however, are likely to do it as literally as Westfield’s Century City.
Westfield has formed an alliance with the Costume Designers Guild Awards to promote special services to CDG members. It intends to make the mall a “home base” for stylists and costume designers who will tap retailers for merchandise required for productions. Among the amenities being offered to TV and movie wardrobe people are VIP rooms for fittings, personal shopping services, tailoring, and shipping.
“We are tremendously excited to set a new standard in the services offered to the entertainment industry,” said Westfield CMO Heather Vandenberghe. “Westfield continues to position itself as the definitive go-to for the city’s entertainment and fashion clientele.”
A dedicated staff and phone line will be made available to show business buyers, and Westfield will partner with the CDGA on a celebration of its 20th anniversary next year.
Sarah Cowperthwaite, executive director of the Awards said having designers’ needs catered to by Century City was “an incredible opportunity.”
Century City is historically suited to the task. The mall’s site was once the backlot of 20thCentury-Fox, where "The Grapes of Wrath" and "Miracle on 34th Street" were filmed. A $1 billion renovation of Century City begins this fall.
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.