Situation

Tallahassee Mall is a two-level shopping center, built in 1972 and located in a growing, highly desirable middle market with a college population of 65,000. A 1993 expansion added Parisian as a fifth anchor to the mall, but did not achieve effective in-line occupancy due to strong regional competition and the lack of capital available for tenant improvements.

In June 1995, occupancy was 45 % and sales were below $200 per s.f.

Montgomery Ward filed bankruptcy and vacated in 1999. Service Merchandise vacated in 2002.

Initiatives

Jones Lang LaSalle assisted ownership in leveraging the property with a short-term debt facility to provide additional capital infusion for tenant improvements, common area clean up and capital programs.

The development and leasing teams created a unique plan for the center that combined elements of a power center, traditional retail and an entertainment component, providing a point of differentiation from the competition.

A "Fashion Avenue", scheduled to open in 2006, was planned along the center of the mall by consolidating Burlington Coat Factory into one store, rightsizing Express and remerchandising the recaptured space to include fashion teen retailers Buckle, Hot Topic, Justice, Charlotte Russe, and PacSun.

Results

As part of the releasing and redevelopment of the mall, Jones Lang LaSalle added a power center to the front of the mall with big box tenants such as Barnes & Noble, Sound Advice, Guitar Center and a 45,000 s.f. Oshman’s Sporting Goods store with a dedicated entrance.

The operations team addressed years of deferred maintenance, replacing HVAC units and old roof sections, upgrading interior finishes and exterior landscaping. Working with Tenant Coordination they built out 90 new stores.

The leasing team recruited Burlington Coat Factory to take the two-part Montgomery Ward space. Ross Dress for Less and The Shoe Carnival were signed to fill the Service Merchandise box.