Northtown Mall A Before and After Story. Presented by: Paula Mueller, General Manager Glimcher Realty Trust

Size: px

Start display at page:

Download "Northtown Mall A Before and After Story. Presented by: Paula Mueller, General Manager Glimcher Realty Trust"

Allan Townsend
6 years ago
Views:

1 Northtown Mall A Before and After Story Presented by: Paula Mueller, General Manager Glimcher Realty Trust

2 Northtown Mall Built in 1972, and purchased by Glimcher in 1998 as a diamond in the rough. Within three years, 50 new tenants were added to the property.

3 Northtown Mall The City of Blaine grew with us too. RADISSON ROAD Here were our adjacent neighborhoods at the time Glimcher acquired the mall CENTRAL AVENUE / HIGHWAY 65 DAVENPORT STREET 109TH AVENUE RADISSON ROAD

4 RADISSON ROAD RADISSON ROAD And today! 2,200 homes surround the Arnold Palmerdesigned Tournament Players Club. Northtown Mall 109TH AVENUE DAVENPORT STREET CENTRAL AVENUE / HIGHWAY 65

5 Northtown Mall When Glimcher bought Northtown Mall in 1998, Blaine s population was just 35,000 CLOUD DRIVE NE RADISSON ROAD NE 125TH AVENUE NE

6 Northtown Mall Today, it has grown to over 60,000, almost doubling over the last ten years! CLOUD DRIVE RADISSON ROAD 125TH AVENUE / MAIN STREET

7 Northtown Mall The North Metro s s Quiet Giant 800,000+ square feet. Five million annual customer visits. Sales of $320+/square foot. Boasts a number of high performing national retailers. Located in a trade area growing 5 times faster than the regional average.

8 The Monument Signage - BEFORE Viking Fan YES. Viking Ship Fan Not so much.

9 The Monument Signage - AFTER Enhanced design elements including stacked flagstone mirrorring mall entries, and cast- stone finial caps. Grand in scale; 20 feet high by 40 feet long. Completely void of Viking Ship logo!

10 The Mall Entries - BEFORE Dated materials and design elements. Pull-to to-open open doors, inconvenient for wheelchair and stroller traffic. Outmoded exterior furnishings. Oooooh Teal!

11 The Mall Entries - AFTER State-of of-the-art materials and design elements; stacked flagstone columns and crown molding. Sliding glass doors with swing-open side entries. Upgraded exterior furnishings and lighting. Absolutely no teal!

12 The former site of the Bombay Bicycle Club An excellent parcel just waiting for the perfect tenant. Applebee s s BEFORE

13 State-of of-the- art design, with only two more like it in the entire U.S.! Applebee s - AFTER

14 The First Outparcel Addition Situated at the corner of County Road 10 and Jefferson Street at the northeast corner of the Northtown Mall property. Retailers include Potbelly Sandwich Works, Verizon,, EB Games, FedEx/Kinkos Kinkos, and a new Chipotle!

15 Wards -BEFORE After 102 years as a retail giant, Montgomery Wards bankrupted in They closed their high- performing Northtown Mall store last.

16 Home Depot Out Parcel - AFTER Home Depot, the world s s most successful home improvement retailer celebrated their Grand Opening at Northtown Mall in February, Home Depot s Northtown Mall outparcel location features an upgraded mix of furnishings, flooring, lighting, and fixtures.

17 Seating capacity total of 200 on dated furniture. Space for just five food concepts and one anchor. L-shaped configuration with limited retailer exposure. Cozy restrooms with seating for three. The Food Court - BEFORE

18 The Eatery - AFTER New seating capacity of 500 on brushed metal and hardwood furniture. Space for nine food/retail concepts and two anchors. Airy, open atrium and polished Italian tile flooring. 1,500 sf of brand new women s s and men s restrooms, family restrooms with child-sized amenities, and nursing rooms complete with rocking chairs and kid s s art.

19 Kohl s vacated the center to reposition themselves as a stand-alone alone retailer. Sales dropped 60% when they left Northtown Mall and opened elsewhere. Burlington - BEFORE

Burlington celebrated their Grand Opening at Northtown Mall on September 2, 2005.

20 Burlington celebrated their Grand Opening at Northtown Mall on September 2, The 85,000 sf space is home to Burlington, Luxury Linens and Baby Depot concepts. Burlington s s new concept store at Northtown Mall features Italian marble floor tile, and maple and nickel fixtures. Burlington - AFTER

21 An outdated exterior entry, and thirteen retailers were vacated or relocated to make way for new tenant LA Fitness. LA Fitness - BEFORE

22 LA Fitness, the fastest growing full- line fitness club in the nation opened at Northtown Mall in June of LA Fitness - AFTER

23 When Mervyn s closed all of their Minneapolis stores, Northtown Mall began immediate negotiations with Herberger s. Herberger s - BEFORE

Herberger s Northtown Mall store was the only department store to open in the U.S. in 2008.

24 Herberger s Northtown Mall store was the only department store to open in the U.S. in It is on track to exceed sales projections by 30%. Northtown Mall Renovation Herberger s - AFTER

25 What s s Next?

26 Outparcel Growth! An additional 25,000 square feet over the next three years.

27 Northtown Mall Change is the Constant

1031 Exchange Opportunity

1031 Exchange Opportunity Logan s Roadhouse Triple Net Ground Lease Fee Interest 20 Year Term w/ 10% Escalations Every 5 Years Gateway Shopping Center (Kohl s, Linens, Staples, Ross, Michaels & PetsMart Anchored) Hwy I-35, Between