Joining Macy's and a soon-to-be expanded Nordstrom store asanchor tenants, Neiman Marcus will be located at the corner ofSouth Main Street and Mount Diablo Boulevard. Macerich is currentlyworking with the City of Walnut Creek to secure all necessaryapprovals for pre-construction to begin as early as fall 2008. Thenew store is slated to open in late 2010 or early 2011.

|

The structures to be razed to make room for the new store arecurrently leased. The Macerich source tells GlobeSt.com it is"currently working with those tenants" to see how they may beaccommodated at the mall, which is better than 95% leased. She didknow how much leasable space was being torn down, but said it wasless than 100,000 sf because the Neiman Marcus store will have apartial second story and the existing structures do not.

|

Macerich owns Broadway Plaza in partnership with NorthwesternMutual Life of Milwaukee, WI. The company owns approximately 76million sf of gross leasable area in 71 regional malls.

|

Macerich says sales at Broadway Plaza top $760 per sf. Thefigure is based on reports by retailers that have leased less than10,000 sf of mall or freestanding store space for at least 12months, which would exclude all anchor and junior anchor tenantsbut covers all specialty retail space. Recently signed rents forspecialty retail space are averaging $47 per sf per year across itsportfolio while expiring rents are averaging $34.87, according toSEC filings.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.