WASHINGTON, DC-Miller Capital Advisory, a Skokie, IL-based real estate investment firm, has retained Madison Marquette to manage and lease Jefferson Pointe, a 545,000-sf lifestyle center in Ft. Wayne, IN and Mount Pleasant Towne Centre, a 442,000-sf lifestyle center outside Charleston, SC. It is an annual term for each contract, according to Kevin Hagan, VP of management services. “But we hope to grow the relationship into a broader, long term one,” he tells GlobeSt.com. Hagan declined to discuss the value of the contract.
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