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.
More than 10 million U.S. households visited Santa in a mall or store last year, according to GlobalData Retail. Nearly 73% of them also spent money at nearby restaurants or stores, he says.
Pennsylvania Real Estate Investment Trust and CBL & Associates Properties Inc. sought protection from creditors Sunday, citing pandemic-induced pressures. The two REITs account for about 87 million square feet of real estate across the U.S.
Substantially all of J.C. Penney’s retail and operating assets will be acquired by Indianapolis-based Simon Property Group and Brookfield Asset Management Inc. and through a combination of cash and new term-loan debt.
The media is fascinated by what he’s up to, as the nation’s largest shopping mall owner teams with partners to buy ailing retail chains while negotiating with Amazon to fill vacant anchor spaces with distribution centers.
Indianapolis-based shopping mall giant Simon Property Group announced Monday that it plans to join the growing retail trend of not being open on Thanksgiving Day.
The owners of the Shops at Perry Crossing had been hoping to sell the shopping center before a May deadline to pay off the property’s loan balance, but the pandemic ruined those plans.
In addition, Amazon also has been talking to multiple mall landlords about putting its planned grocery-store chain in former J.C. Penney locations, according to a published report.
Under the terms of the agreement, the Simon-back venture intends to purchase substantially all of the iconic retailer’s global business operations as a going concern. It has committed to acquiring at least 125 Brooks Brothers retail locations.