Circle Centre owners commit to ‘transformative’ mall revamp
What’s next for the two city blocks that are now Circle Centre mall could start coming into focus over the next year.
What’s next for the two city blocks that are now Circle Centre mall could start coming into focus over the next year.
The disclosure of the group’s composition is the first since the mall opened in 1995, and comes about one week after Circle Centre Development acknowledged Simon Property Group’s exit.
Trust Hardware owner Adam Taylor says supply-chain and labor issues made it too tough to operate, so he closed two of his three stores last month. The landlord at his former Binford Shoppes store is suing Taylor for back rent.
The Indianapolis-based shopping mall giant benefitted from a return of foot traffic to shopping centers after pandemic restrictions eased across the country.
The 112-store chain sells gear for hunting, fishing, boating, camping and other outdoor activities. The Indy-area store will be the its second Indiana location.
Washington Prime Group, which filed for bankruptcy Sunday, said it may end up selling some or all of its properties as part of its restructuring. The company also owns several other local retail centers.
Indianapolis-based mall owner Simon Property Group is among the retailer’s largest unsecured creditors; it is owed more than $3 million in rent payments.
Victoria’s Secret was to be sold to Sycamore Partners last year but the private equity firm sued to get out of the deal citing the coronavirus pandemic.
Property management firm JLL sent a letter, dated April 21, to tenants to inform them that it had taken over mall management and said it is in the process of hiring a general manager for the property.
Poag Shopping Centers earlier this month squared away its financial dispute over The Shops at Perry Crossing, allowing the firm to take back the keys to the property.
Retailers are abandoning enclosed malls in growing numbers as the rise of online shopping transforms the industry—a trend that has accelerated during the coronavirus pandemic.
Washington Prime Group, a Simon Property Group spinoff that owns several other local shopping centers, barely missed defaulting on a $23.2 million interest payment this week before securing a forbearance agreement that ends on March 31.
New York City-based RCS said the agreement Simon Property Group made with Premium Apparel LLC will keep all 235 stores in Simon malls open.
Washington Prime Group skipped a $23 million interest payment on its debt in February, and its negotiations with lenders reportedly are faltering.
Indianapolis-based Simon said it lost about 20% of its total shopping days last year at its U.S. malls because of government-mandated shutdowns related to the pandemic.
Indianapolis-based Perez Realty Group acquired the 113-acre retail property on Dec. 18 for a yet-undisclosed price.
Already, the project is having an impact on existing businesses, including Village Home Furniture and Clocks, whose owner said it plans to close the store this month, rather than move.
Two growing national retail brands have filed permits with the state for construction on spaces at the shopping center at North Keystone Avenue and 62nd Street.
Indianapolis-based shopping mall giant Simon Property Group will reinstate the pay of executives and board members who had been working under pandemic-related pay cuts since spring, the company announced Monday.
The shopping center—the 10th-largest in the Indianapolis area, at 600,200 square feet—was repossessed by its lender in October, after Memphis-based owner Poag Shopping Centers LLC defaulted on a $29.9 million loan balance in June. It’s the second foreclosure for the property, which used to be called Metropolis.