Archive for Malls

May
20

Myrtle Beach Mall Sold

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A joint venture between Peak Financial Partners Inc. and Misuma Holdings has acquired the 521,000-square-foot Myrtle Beach Mall in Myrtle Beach for $45 million. Peak and Misuma will jointly own and manage the mall, which features anchor tenants such as Bass Pro Shops, Belk and a 12-screen Carmike Theater.

The mall is located along the North Kings Highway business corridor in Myrtle Beach. The partnership between Peak and Misuma, which began in 1995, identifies turnaround projects in the retail sector. Plans for the mall were not revealed at this time.

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Jan
08

Reis: Mall Vacancy Rates decline in Q4

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Reis reported that the vacancy rate for regional malls declined to 7.9% in Q4, down from 8.2% in Q3. This is down from a cycle peak of 9.4% in Q3 2011.

For Neighborhood and Community malls (strip malls), the vacancy rate was declined to 10.4%, down from 10.5% in Q3. For strip malls, the vacancy rate peaked at 11.1% in Q3 2011.

Click on the graph to read more.

Categories : National News
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Sep
10

Citadel Mall Faces Foreclosure

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Palmetto Moon gift and novelty retailer Bob Webster walks out of his Citadel Mall store and looks at all the shuttered shops near his business.

“It’s disheartening,” he said as one by one he counts nine gated-up storefronts in the vicinity of his retail outlet. “Maybe I need to move.”

Other empty shops pepper the 1.1-million-square-foot West Ashley shopping center in every wing while standalone kiosks sit empty. In two places, tubes collect water from leaking skylights and direct it toward plants below. Missing bathroom tiles, chipped flooring and leaks over the Food Court show signs of aging and the need for maintenance in the 32-year-old building.

With loads of empty space and non-anchoring tenants that draw limited foot traffic, the once-prominent shopping landmark now faces another problem.

READ MORE HERE

Categories : Charleston
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Apr
09

Hilton Head Mall Redevelopment Underway

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Construction has started on the Shelter Cove Towne Centre, a 42-acre mixed-use development on Hilton Head Island, including a massive new Kroger location. The $74 million project will be built in three phases.

The new Kroger will be the largest grocery store on Hilton Head Island at 87,588 square feet and will include an expanded selection of groceries, a Starbucks coffee kiosk, full-service Murray’s cheese shop, freshly prepared sushi, a walk-in beer cooler, a Growler station where customers can fill up jugs with draft beer, a wine expert, a drive-thru pharmacy, and an outdoor bicycle repair station.

The development is a joint venture between Kroger Real Estate and Blanchard & Calhoun Commercial, a development and real estate brokerage services company based in Augusta, Ga.

READ MORE HERE

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Oct
11

Report: U.S. Mall Vacancy Rate at 9.4%

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Vacancies at U.S. regional shopping malls rose to 9.4% in the third quarter (ended Sept. 30), according to property-research firm Reis, Reuters reported. It represents the highest level since Reis began publishing the data in 2000, and was up from 9.3% in the second quarter.

Landlords’ asking mall rents rose to $38.81 per square foot in the third quarter, up from $38.77 in the previous three months and $38.72 a year earlier, according to Reis.

Vacancies at community and neighborhoods centers were 11%, unchanged from the second quarter, and slightly up from last year’s 10.9%. Rent averaged $16.54 per sq. ft., including any landlord concessions, down from $16.58 a year earlier and unchanged from the second quarter.

Categories : National News
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