Find in the news:
BY COUNTRY

Plans to boost Burlington mall



During the next two or three months, Burlington Township officials are due to obtain civil engineering and architectural drawings of the view of the Marketplace at Burlington, formerly known as Burlington Center Mall, will look like.

chl0803redevelopment01.jpg


This comes along with a traffic count projection.


The owners of the mall, Moonbeam Capital Investments LLC, Las Vegas, are hoping to break ground with the conversion of the mall during mid-spring next year.


If all goes to plan, the $230m conversion will include landscaped green areas with fountains and benches which will combine a traditional mall with an open-air town center. The full project is expected to take around two to three years and will be completed in stages. The mall will not be closed during this period.


Letters of intent are being negotiated with 16 new tenants and seven restaurants to join the new mall. A lot of interest has been garnered fr om non-traditional enclosed-mall tenants.


Site work on the outer areas for the restaurants could commence in late summer. The hybrid mall is due to feature an entertainment-restaurant venue and details will be available over the next few months.


The intention is to recreate the venue into a family destination, where visitors can shop, have dinner with their family and enjoy the fun activities that are available.


Moonbeam Capital Investments has seen the potential in the mall, as it is well-located and offers good demographics and strong household income levels. The company is a private equity fund, which carries no debt, and is in the business of pumping funds into failing malls and sitting back to gain a solid return on investment.


Its recent acquisitions include Cortana Mall, Baton Rouge; Shoppingtown Mall, Syracuse, NY; Century III Mall, Pittsburgh and Gwinnett Place Mall, Duluth, Ga. It also owns 14 strip centers. It has obtained the rights to acquire the area wh ere the former JCPenney store at Burlington mall was situated. The anchor was forced to close during the early part of May due to low sales. This acquisition allows them to expand their proposed development.


Those involved in the project include Moonbeam, along with JS Hovnanian & Sons, Mount Laurel, and Diamond Real Estate Investments LLC, Limerick, Montgomery County.


The mall will reach 1.2m square feet. One phase will be the exploration of non-retail usage for the site, in a bid to create jobs in the area. Another phase may incorporate wetland to increase the environmental friendliness of the site. The company has 150 acres, plus 50 acres of ‘green space’ at hand.


The mall currently has a vacancy rate of 57%. There is a single anchor, Sears, as Macy’s and JCPenney have had to close. The advantages of the mall are its location and demographics. The company purchased the mall during 2012 for $4.4m. This low price was mainly due to the lack of tenants and shoppers. Its assessed value was $29.3m during 1991 and $13.5m last year.


In the US, there were 1100 malls before the 2008 recession. In excess of 24 enclosed malls have closed since 2010, and around 60 are on the brink of closure.


However, 14 retailers, including T-Mobile and Kay Jewelers have remained at Burlington to go through the revitalization project with it.

Related shopping malls and stores:

More about shopping malls in the USA



Jun 10, 2021, USA:
The National Retail Federation predicts the market will experience the kind of rapid growth "the country hasn't seen since 1984.
Jun 9, 2021, USA:
Several Microsoft experience centers leftover from what was once a large chain of stores will offer more information and the opportunity to buy the company's technology.
Jun 7, 2021, USA:
The billionaire announced that he would fly into space on his own company's ship. The estimated date of flight is July 20th.
Jun 4, 2021, USA:
The three-level retail space in New York City spans about 2,000 square meters.
Jun 4, 2021, USA:
A mall owner has sued Victoria's Secret, saying the company closed the store without paying rent.
Jun 3, 2021, USA:
The company is entering a new market in hopes of recovering from the pandemic.
Friend
and Follow
Olympia Einkaufszentrum GLA:602 779 SF
ADDRESS: Hanauer Straße 68, 80993
Germany . Munich
Olympia Einkaufszentrum
K in Lautern GLA:224 966 SF
ADDRESS: 67655 Kaiserslautern
Germany . Kaiserslautern
K in Lautern
FAN Mallorca Shopping GLA:592 015 SF
ADDRESS: C/ Cardenal Rossel, S/N. 07007 Palma de Mallorca
Spain . Palma
FAN Mallorca Shopping
Jardim Pamplona GLA:118 403 SF
ADDRESS: R. Pamplona, 1704 - Jardins São Paulo
Brazil . Sao Paulo
Jardim Pamplona


Edit text

Dear visitor!
If You wish to add appropriate information to this description, please make changes in the text below and they will take effect after being verified by Malls.com administrator.

SAVE CHANGES
ADD PHOTO

Dear visitor!
If you desire to add more photos to this description, please upload them and they will appear on the page after being verified by Malls.com administrator.

CHOOSE PHOTOS
SAVE CHANGES
Sign in Malls.com
Sign in please, if you already have an account

Registration



Error filling
Error filling
Error filling
Error filling
Thank you!
You will receive e-mail with registration data shortly. In email you'll find link, confirm your account by clicking on it, please.

Malls.com Team
Thank you for message!
In the near future you will be contacted the manager
for further details.

Malls.com Team
Good mall, bro!
In the near future you will be contacted the manager
for further details.

Malls.com Team
We are dissatisfied with you :-(
In the near future you will be contacted the manager
for further details.

Malls.com Team

Write to us