MIAMI-Codina Group Inc. of Coral Gables has been awarded an assignment to manage, lease as well as redevelop the currently enclosed mall portion of the 601,942-leasable-sf Town & Country Center here.

Town & Country Center, located at 8505 Mills Dr., is owned by TIAA-CREF, one of the world’s largest financial services providers. The center consists of an enclosed mall, a power-strip convenience center, six outparcel sites and a hotel, Wellesley Inn, which is not owned by TIAA-CREF.<p.Tenants at the enclosed mall, which surrounds a six-acre lake, include Ross Dress for Less, Sears, Lane Bryant and New York & Co. Tenants at the power-strip center include AMC Theatres, Publix, Marshalls and Eckerd.<p.The redevelopment of the enclosed mall is designed to improve its occupancy, according to a spokeswoman. The enclosed mall portion has low occupancy levels, while the strip center portion experiences high occupancy levels, she says. A more user-friendly plan would provide a better shopping destination for the Kendall-area market, she adds.

Final redevelopment plans and their cost were not yet determined at press time, according to the spokeswoman.<p."We have a proven track record of success with TIAA-CREF and look forward to growing our relationship," Trish Blasi, president of Codina Real Estate Management, says in a statement. "Our goal now is to review the history of the mall, its tenant mix, demographics and other elements key to its success. Then we will develop our strategy for how we can make it an even more successful center in the future."

Codina Real Estate Management will manage Town & Country Center; Codina Realty Services Inc. ONCOR International will handle the leasing, with the assistance of the Florida Shopping Center Group; and Codina Development Corp. will handle the future redevelopment.

The Rouse Co. of Columbia, MD, handled management and leasing before Codina was awarded the assignment. Rouse Co. officials could not be reached for comment.<p.Through its Development Services and Real Estate Services groups, Codina Group provides commercial real estate owners and users with development, construction, consulting, brokerage and property management services. The company has more than 250 commercial real estate professionals in Miami-Dade, Broward and Palm Beach counties.

The Rouse Co., founded in 1939, is a leading real estate development and management company. Through its many affiliates, The Rouse Co. operates more than 150 properties in 22 states.

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