America’s premier owner and operator of malls, Simon Property Group, marked 13 of its properties as “non-core” in its last earnings report. Just weeks before, it gave its 1.2 million-sq.-ft. Town Center at Cobb back to the bank when no one bid on it at auction.
Last month, the New York Life Insurance Company hired Trademark to remake the 1.3-million-sq.-ft. North Point Mall in Alpharetta, Ga., into a mixed-use center after Brookfield Property handed New York Life back the deed.
A Bloomberg study of reappraisals of retail real estate properties with commercial mortgage-backed securities debt concluded that pandemic lockdowns caused a 60% decline in mall values, and that 118 properties were worth $4 billion less to investors than they were in 2019.
Source: Chain Storeage
Omni Talk is the retail blog for retailers, written by retailers. Chris Walton and Anne Mezzenga founded Omni Talk in 2017 and have quickly turned it into one of the fastest growing blogs in retail. 