REAL ESTATE

Westminster, Colorado, will redevelop former mall site

BY Michael Fickes

Westminster, Colo. — The Westminster Economic Development Authority and the city of Westminster, Colorado, have entered into an agreement with OliverMcMillan to redevelop the 105-acre site of the former Westminster Mall.

According to WEDA, the plan calls for multiple phases of mixed-use development including residential, commercial, retail and other uses. The project will also construct parks, a landscaped boulevard running north to south across the property, and walking and biking features.

City Council is expected to approve the development plan this fall.

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REAL ESTATE

Macerich will renovate Niagara Falls outlet center

BY Michael Fickes

Niagara Falls, N.Y. — Macerich has announced plans to renovate and expand Fashion Outlets of Niagara Falls USA. The project will add nearly 175,000 sq. ft. of retail and bring in 50 new tenants. With approximately 700,000 sq. ft. of top designer brand retailers, the expanded center will be one of the largest outlet malls in the country.

New retailers will include Disney, Forever 21, Helly Hansen, Kenneth Cole, Steve Madden, Swarovski, the Limited, White House|Black Market and others. To date, 77% of the expansion has been leased.

Expected to open this fall, the expanded center will boast more than 200 top retail names including Saks Fifth Avenue off 5th Outlet, Barneys New York, Burberry, J.Crew, Juicy Couture, Kate Spade, Michael Kors, Nike Factory Store, Under Armour and others, plus a variety of food court and dining options.

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REAL ESTATE

CBL sells Lakeshore Mall

BY Michael Fickes

Atlanta — CBL & Associates Properties has closed the sale of Lakeshore Mall to a private investor for $14 million. JLL brokered the transaction.

Belk, Bealls, Kmart, J.C. Penney and Carmike Cinema anchor the 490,086-sq.-ft. retail center in Sebring, Florida. A nearby Sears is a shadow anchor.

With its 95% occupancy rate, Lakeshore Mall anchors the retail hub that serves central Florida along U.S. Highway 27, the major north-south thoroughfare. Traffic counts average about 38,500 vehicles per day.

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