Tag: mall

Could there finally be a purpose for the abandoned Century Plaza Mall?

by Jaimee Heimer on July 3, 2020 in Mall

City officials are discussing plans to turn the shuttered Century Plaza Mall property into a 200,000 square-foot shipping and logistics center.

The 750,000 square foot Century Plaza shut in 2009. The enclosed mall first opened in 1975. City officials have not said what company the shipping facility will be associated with.

The facility could provide jobs for 1,400 delivery drivers and 320 employees working on the premises. The proposed facility would have docks where large shipments of packages will arrive. Then, they’ll be sorted and delivered in the surrounding neighborhoods.

Officials say the shipping facility could be open by June

American Dream Mall Bonds are Falling Fast

by Jaimee Heimer on July 1, 2020 in Mall

American Dream mall

Things seem to be going from bad to worse for the American Dream mall in the Meadowlands.

Six months after the mall closed its recently opened doors because of the coronavirus pandemic, the bonds funding the project have decreased in value, according to NJ.com.

A year ago, the $1 billion worth of bonds on the project were trading at $120 apiece and yielding 4.25 percent, but as of April they’ve dropped to $93.72 with a 7.5 percent yield.

Owner Triple Five Group, headed by the Ghermezian family, in June missed its third consecutive $7 million payment on

Sears to exit Rockaway Townsquare mall in September?

by Jaimee Heimer on July 1, 2020 in Mall

A look inside Westfield Garden State Plaza, in Paramus, as the mall reopened, Monday, June 29, 2020, for the first time in more than three months.

NorthJersey.com

Morris County’s largest shopping destination is losing one of its original anchor stores.

After multiple bankruptcies, reorganizations and waves of store closures, temporary job postings by Sears have indicated another round of closures, including the retailer’s location at Rockaway Townsquare mall in Rockaway.

Sears did not immediately respond to a call for comment. Mall owners Simon Properties declined to comment about individual vendors.

Mall giant Simon says nearly all its shopping centers have reopened

by Jaimee Heimer on July 1, 2020 in Mall

Simon Property Group, which has 204 properties in 37 states, said late Monday that 199 of its shopping centers have reopened — even as concerns grow about a second wave of Covid-19 cases in the United States and a deluge of retail bankruptcies.

It expects the remaining five properties to reopen sometime within the next week. These malls collectively have more than 18,000 stores, and according to Simon, many of them have reported better-than-expected sales since reopening.

Shares of Simon (SPG) were flat in midday trading Tuesday on the news. That followed a more than 10% spike

Here’s why the biggest U.S. mall owner might want to buy JC Penney

by Jaimee Heimer on June 30, 2020 in Mall

Simon Property Group might want to own bankrupt J.C. Penney in order to be able to redevelop some of its best real estate and make it even better, according to one analyst.

“We believe Simon wants to control the J.C. Penney boxes and land so that it can ultimately redevelop many of these in order to densify and introduce mixed use elements,” Compass Point real estate analyst Floris van Dijkum said. “A redevelopment (that would require zoning approvals, capital, and time) could unlock significantly greater value while boosting traffic for the retail.”

Simon is considering teaming up with Brookfield Properties