Shopping Center Business

MAY 2018

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

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MALL REDEVELOPMENT 150 • SHOPPING CENTER BUSINESS • May 2018 GIVING MALLS MORE BITE One tried and true strategy for winning the hearts of shoppers is to pursue them through their stomachs. Providing a bal- anced mix of dining options is a corner- stone for any owner looking to modernize a mall. A majority of traditional malls feature food courts made up of national and re- gional fast food and fast-casual chains, but consumer tastes have evolved and moved more toward healthy and eclectic dining options. Mall owners today are finding more traction with their patrons through food halls, which are a collection of restaurants and culinary boutiques like pastry shops and butchers that are displayed in a Eu- ropean market setting, typically with a central dining area. Los Angeles-based CIM Group is un- derway on the redevelopment of Mont- clair Place, a 1.4 million-square-foot mall in Southern California's Inland Empire. Phase I of the redevelopment includes installing a food hall known as Moreno St. Market. "Moreno St. Market brought a fresh atmosphere to the quick-service dining at the mall," says Terry Wachsner, princi- pal of asset management at CIM Group. "Shoppers and store employees enjoy the options offered in the newly created food hall that is fitted with modern furnishings and offers comfortable dining areas." The food hall features a poké concept (raw marinated fish, usually tuna) called Pokeway, smoothie and tea bar Boba World, gelato vendor Stick House and regional Asian eatery Noodle House, as well as a Panda Express. Moreno St. Market also includes Oli's Tacos, a small-scale Mexican eatery that was awarded a space within the food hall after winning a cooking contest that CIM Group conducted. Oli's is one of the top performing options at the food hall, ac- cording to Wachsner. Forest City is also opening a new food hall this September in the heart of Ballston Quarter. Known as Quarter Market Food Hall, the project will span 25,000 square feet and include a 5,000-square-foot plaza area with outdoor seating. Vendors com- ing to Quarter Market Food Hall include Bartaco, Mi & Yu Noodle Bar, Ice Cream Jubilee, Cucina Al Volo, Timber Pizza, Rice Crook and Swizzler. "We studied food halls in New York and Los Angeles. There was a lot of control exerted on the environment and the ten- ants," says Forest City's Voegele. "Some of these players may have only had a food truck, but if there's a buzz and the food was exceptional, we looked for a way to bring them in. It will be one of the largest food halls in the region, and it's designed to be a discovery as you walk through it." Southern California-based Pacific Retail Capital Partners (PRCP) is rede- veloping Northpark, a 958,000-square- foot enclosed mall in Ridgeland, about 11 miles north of Jackson, Mississippi. Phase I will transform the mall's current food court into The Eatery, an open, café-style dining area that will feature interactive digital displays and new din- ing options. PRCP expects to open The Eatery in November. Outside of food halls, owners are notic- ing that restaurants are the most aggres- sive type of tenant seeking new locations within malls. CIM Group is underway on the redevelopment of Montclair Place, a 1.4 million-square-foot mall in Southern California's Inland Empire. .n3realestate.com Jeannie De Fazio Contact Us: 817.675.7765 • Build-to-Suit • Conversions • • Brokers Protected Fee Development Restaurant and Retail Space Delivered ReCon Booth S3967 jdefazio@n3realestate.com

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