"We hope that the change of ownership will help rejuvenate the mall," says Patrick Listermann, COO for Herzog. "JHS plans to update the mall's interior in the near future. Plans include refurbishing the common area, flooring, lighting and updating other parts of the interior."
The mall currently has a 91% overall occupancy rate and a 78% inline rate. JHS hopes to lease the vacant space quickly.
"JHS will be looking to implement an aggressive marketing strategy to lease to a mix of national, local and regional tenants," says Mark Prendergast, VP of leasing. Mall anchors include Dillard's, Sears, JC Penney and Younkers. Inline tenants include Victoria's Secret, Staples, American Eagle and Carmike Cinemas.
The property was purchased from RE Jacobs Group and brokered by Eastdil.
JHS is a private investment and management company backed by limited partner equity. JHS acquires underutilized shopping centers that can be repositioned through improved management and leasing skills. The JHS portfolio consists of 5 million sf and includes 17 shopping centers in 12 states.
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