Phoenix Spectrum Mall
Summary
Acquisition – March 2004
Location – Phoenix, AZ
Value-Add Opportunity – Asset Re-positioning
Size – 831,057 sq. ft.
Total Project Cost – $90.7 million
Opportunity
- Urban in-fill retail location with outdated mall format
- Anchor tenancy with excellent sales (Wal-Mart, Costco) with additional anchor re-tenanting opportunities
- Re-position asset with tenancy and format to better serve market demographic
Value Added
- Restored image of asset within community through re-positioning plan
- Acquired fee title subsequent to property acquisition in order to fully control asset and maximize re-tenanting and disposition
- Realized demand from additional anchor tenants (Target, JC Penney,
Harkins Theater) - Acquired vacant anchor parcel and sold to Target
- Converted in-line mall space to big box stores (Ross, PetCo)