Shopping Center Business

MAY 2016

Shopping Center Business is the leading monthly business magazine for the retail real estate industry.

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DE-MALLING 232 • SHOPPING CENTER BUSINESS • May 2016 he adds. "Mayor Tim DeGeeter of Parma describes our site as the town center — near City Hall, UH Parma Medical Center and the new Parma Library. It made sense to re- develop this property into a power center based on the market analysis." And so began the plan for turning the former Parmatown Mall into The Shoppes at Parma, a 730,000-square-foot mixed-use project. PREP extended the lease with JC Pen- ney for 10 years and came to an agreement with Dick's Sporting Goods, an existing tenant, to build a new store and extend their term. The company also secured an extension with Walmart, which included a conversion to a Supercenter (which will open second quarter 2017). In addition, PREP made several improvements to the shopping center including a new façade for the strip center component, resur- faced parking fields, updated lighting and new monument signage throughout the property. "We repositioned the center to face north on West Ridgewood," Mitchell says. "We also created seven new outpar- cels and have leased six of those to date. The retail community bought into our plan. That was key. Now we've executed 22 leases over the last year; we really have a lot of momentum." He adds, "When you go there now, it is a construction site. It is exciting — 200,000 plus square feet of new retail coming on line. The finished product will have a big impact locally." Hays says, "We have demolished the mall and are developing a power center PREP has executed more than 22 leases over the past year for tenants at the center. COLLIERS INTERNATIONAL Our team is the foremost retail expert in private capital and institutional investment services throughout the southeast. We ofer 50 years and $2 Billion of combined experience in retail investment advisory and sales. We represent both private capital and institutional investors. Our track record working with a wide range of investors ensures the highest level of professionalism and certainty of execution. As true strategic advisors, our commitment is to serve your best interest above all others with the highest level of integrity. We provide fact based and objective advice. As a client you can count on us to explore all available options, thus allowing you to make the most productive and proftable investment decision. As experienced investors who occasionally partner with our clients on their investments, we help our clients build a business plan and exit strategy that creates greatest wealth for you and your investors. Colliers International is one of the top global real estate companies with 502 ofces in 67 countries, $97 Billion in annual transaction volume and 1.7 Billion square feet under management. We dominate the Florida market with 10 ofces and $1.4 Billion in annual transaction volume. No matter what the end goal is, working with our team you will always be ahead of the market by securing the best tenants and maximizing the value of your assets. The Milano-Glickman Team Two senior retail investment specialists in the Orlando and Tampa MSA: Six retail leasing brokers who represent the Landlord, will assist the investment specialists with property and market knowledge as well as tenant expertise: Team Brokers: Marketing and Transactional Support: Mike Milano, CCIM, MAI Managing Director Sean Glickman, CCIM Managing Director Christin Jones Director Genny Hall Director Brandon Rapone Associate Chris Smith Associate Tom Hall Analyst Marla Zoe Morales Market Coordinator Chris Forehand Market Coordinator Claire Kelly Market Coordinator Lisa McCafrey Managing Director Ben McLeish Director Stephanie Addis Director Britney Mroczkowski, CCIM Associate Christopher Pollard Associate Our team includes the following members: Traffic counts for The Shoppes at Parma top 50,000 vehicles per day.

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