Both assets are more than 90% occupied, Hagan says. Management plans currently under discussion for both centers are extensive, ranging from redeveloping the properties into mixed-use facilities, adding new roadways and remerchandising strategies for the retail components. "We are looking at major master plan changes that are likely to be several million dollars each," Hagan says.
The plans are only in the early stages of discussions, Hagan cautions. "Right now we are talking about adding 25,000 sf up to 100,000 sf to Mount Pleasant." At Jefferson Pointe, he says, initial talks are focusing on adding a boutique hotel and possible office space.
Key to both efforts will be a strong focus on the retail and remerchandising strategies, he adds. "These are established, stabilized lifestyle centers with great, high end retail. We want them to dominate the retail centers in their markets."
The nearest lifestyle center to Jefferson Pointe, which is located in Ft. Wayne's prestigious west side, is 125 miles away. Its largest tenant is Von Maur, an upscale department store. Other tenants in the center include Barnes & Noble, Bed Bath & Beyond, Old Navy, Ann Taylor Loft, Brighton, Chico's, Coldwater Creek, Eddie Bauer, Jos. A. Bank, Talbots, Sharper Image, Williams-Sonoma and Rave Motion Pictures.
Tenants at Mount Pleasant Towne Centre, which has been voted Charleston's best shopping destination two years in row, include Barnes & Noble, Belk, Victoria's Secret, Chico's, White House | Black Market Yankee Candle Co., Banana Republic, Mimi Maternity and Bed Bath & Beyond. Three more retailers - J. Jill, Francesca's and Coldwater Creek - will be added in the coming months.
Madison Marquette is refining its third party business services to be more strategic, according to a spokesperson for the firm. By that he means focusing on such accounts as Miller Capital Advisory's, which will hopefully reap additional dividends for the firm in the future. He expects the company's third party business to increase between 10% to 20% this year.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
