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 234 • SHOPPING CENTER BUSINESS • May 2016 anchored by Walmart, Dick's, JC Penney and the soon to open Gordmans. That is a meaningful anchor line-up. We have also announced many new tenants including Ulta Beauty, Shoe Dept. Encore, Rally House, PizzaFire, Pulp Juice and Smooth- ie Bar, American Commodore Tuxedo and more. We have another 20,000 square feet of additional retailers that will be an- nounced soon. "We identified the outlots as perfect QSR locations," Hays notes. "Panera and Chipotle recently opened, and Five Guys and Mission BBQ will open soon." "We may develop other uses in addition to retail," Mitchell says. "It makes sense for us to consider adding more medical office since we are directly across the street from UH Parma Medical Center. Our four-story medical office building is 95 percent leased and there is demand." On the decision to de-mall, Hays says, "There was a demand in the market with power center tenants as well as restau- rants that we could not accommodate in the mall environment." Mitchell adds, "We will end up with a first class power center that has a terrific line-up of retailers and restaurants. The first phase will be complete by fall 2016 and the second phase by spring 2017. SCB The first phase of The Shoppes at Parma will be complete by fall 2016; the second phase will open in fall 2017.

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