Consists of two properties: (1) a lifestyle shopping center built in 2006 containing 93,796 square feet of gross leasable area; and (2) a three-story, enclosed super regional mall built in 1988 containing 900,041 square feet of gross leasable area (including all anchors). Two of the anchor spaces are owned by Macys and Lord & Taylor and are not part of the owned area that is the subject of this appraisal. The malls owned space totals 547,690 square feet, which includes a 150,520 SF Bloomingdales anchor store, a 33,013 SF AMC Theater Multiplex and 364,152 square feet of in-line shop space.
Towson Town Center is a 4-story, enclosed super regional mall containing 1,035,074 square feet. In 1998 the Towson Town Center was acquired along with three other regional malls by a joint venture between J.P. Morgan Investment Management and the Rouse Companies; J.P. Morgan with a 65% interest and Rouse with a 35% interest. The ownership interest of the Rouse Companies became vested in General Growth Properties in 2004 when they acquired the Rouse company. In 2006, a $76-million renovation was initiated on levels one and two followed by a 110,000 SF expansion of those levels, which was completed in 2008.
A one-story, enclosed regional mall containing 508,751square feet of gross building area (including all anchors) built in 1975 and located in Norman, Oklahoma. One of the anchor spaces is unowned: the Dillards facility containing 137,082 SF: therefore, the owned space totaled 371,669 square feet and included the Sears space of 61,695 SF; the JC Penney Space of 68,128 SF, the Old Navy Facility containing 34,445 SF and a currently vacant 38,722 SF space formerly occupied by Stein Mart.
A grocery anchored 93,029 square foot neighborhood retail shopping center originally constructed in 1974 and renovated in 2004.
A 110,842 square foot grocery store anchored retail center within an affluent Somerset County community. Tenants included a Kings Supermarket, CVS, PNC Bank, Subway, Cold Stone Creamery, GNC, Verizon, Starbucks and Peapack-Gladstone Bank.
The property consists of a 507,557-square-foot regional mall situated on a 45.95+ acre site, which is the subject of a ground lease. The mall is anchored by J. C. Penney, Sears and Macy’s and current occupancy within the mall is 98.6%. Three out-parcel sites include a Sears Auto Center, Firestone Service Center, and a Wendy’s Restaurant.