Seeking anchor: Montclair Plaza under new management
Author: Andrew Edwards, Staff Writer
Montclair Plaza is under new ownership, and the company now in charge of managing the shopping center is seeking to fill its largest vacancy.
"We're still assessing the property. We think it's a nice mall. It's got a nice location," said Jim Arce, a senior executive with Cushman & Wakefield. "What it really lacks is that (fifth) anchor. Our focus will be to redevelop the east end of the mall."
Cushman & Wakefield is managing Montclair Plaza for a group of lenders led by CWCapital Asset Management, said Arce, who is the real estate firm's executive managing director for investor services.
"We're still assessing the property. We think it's a nice mall. It's got a nice location," said Jim Arce, a senior executive with Cushman & Wakefield. "What it really lacks is that (fifth) anchor. Our focus will be to redevelop the east end of the mall."
Cushman & Wakefield is managing Montclair Plaza for a group of lenders led by CWCapital Asset Management, said Arce, who is the real estate firm's executive managing director for investor services.
That consortium, Arce said, took ownership of Montclair Plaza last week from Chicago-based General Growth Properties, which emerged from bankruptcy protection last November.
"It was a good asset that was embroiled in some bad financing," Arce said.
Montclair Plaza is about 95 percent occupied, Arce said. The shopping center has four anchor tenants: Nordstrom, Macy's, J.C. Penney and Sears. The mall's fifth anchor was Robinsons-May. Robinsons-May vanished from the mall in 2007 after its parent company merged with Macy's ownership.
Montclair Plaza's new owners plan to keep the mall over the long term, Arce said.
He also said Cushman & Wakefield plans to visit the International Council of Shopping Center's May convention in Las Vegas in search of additional tenants. The company also plans a substantial renovation of the mall's exterior.
Cushman & Wakefield, on behalf of the same lenders' group, also assumed management of Moreno Valley Mall in early March.
General Growth Chief Executive Sandeep Mathrani said earlier this month that the company will reduce its ownership down to 150 malls from 169, and it would sell off the remaining 19 malls, according to Reuters.
General Growth is the former owner of Redlands Mall, which shut down at the end of September. Its plans for a major reconstruction of Redlands Mall came to a halt during the recession.
The Redlands property is now owned by Dallas-based Howard Hughes Corp., a spin-off from General Growth Properties that was created when General Growth emerged from bankruptcy last year.
Howard Hughes reports on its website that the "Redlands Mall and Promenade" is a site of future development, the nature of which is still under consideration.
Redlands city spokesman Carl Baker said Tuesday he knew of no new plans for the Redlands Mall site.
"It was a good asset that was embroiled in some bad financing," Arce said.
Montclair Plaza is about 95 percent occupied, Arce said. The shopping center has four anchor tenants: Nordstrom, Macy's, J.C. Penney and Sears. The mall's fifth anchor was Robinsons-May. Robinsons-May vanished from the mall in 2007 after its parent company merged with Macy's ownership.
Montclair Plaza's new owners plan to keep the mall over the long term, Arce said.
He also said Cushman & Wakefield plans to visit the International Council of Shopping Center's May convention in Las Vegas in search of additional tenants. The company also plans a substantial renovation of the mall's exterior.
Cushman & Wakefield, on behalf of the same lenders' group, also assumed management of Moreno Valley Mall in early March.
General Growth Chief Executive Sandeep Mathrani said earlier this month that the company will reduce its ownership down to 150 malls from 169, and it would sell off the remaining 19 malls, according to Reuters.
General Growth is the former owner of Redlands Mall, which shut down at the end of September. Its plans for a major reconstruction of Redlands Mall came to a halt during the recession.
The Redlands property is now owned by Dallas-based Howard Hughes Corp., a spin-off from General Growth Properties that was created when General Growth emerged from bankruptcy last year.
Howard Hughes reports on its website that the "Redlands Mall and Promenade" is a site of future development, the nature of which is still under consideration.
Redlands city spokesman Carl Baker said Tuesday he knew of no new plans for the Redlands Mall site.
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