MEDIA, PA-Madison Marquette executives are poised to renovate the one-million-square-foot Granite Run Mall here, a center formerly owned by a partnership between Simon Property Trust and The Macerich Co. The Washington DC-based firm is taking over the operations of the asset for CWCapital Asset Management, which controls it as a special servicer.
The inline store space at the center is currently 30% vacant. "The vacancy is more andemic of what was happening in the industry," John-david Franklin, a Madison Marquette senior vice president who is manager of the asset, explaining that closures were more of a result of retailers cutting back in tough times than economic problems in the area.
Madison Marquette is now conducting a 30-day analysis of what the property needs to get back on track. "Our strategy is stabilization," Franklin says.
All of Granite Run's anchors, Boscov's, JCPenney and Sears are intact. There is also a Kohl's and an Acme grocery store on the site.
Madison Marquette operates about two million square feet of retail in the Philadelphia area. At Glen Eagle Square in Chadds Ford, the firm recently signed a Whole Foods. It also operates the retail around the University of Pennsylvania in Philadelphia and Edgmont (PA) Shopping Center.
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