1980s pop icon Tiffany will perform at West Ridge Mall in Topeka, KS to raise awareness for a catalytic mall redevelopment project led by Topeka-based Advisors Excel and development partner Russell Glen along with partnership GO Topeka, the economic development group for Kansas’ capital city.

 Tiffany

 TOPEKA, KS /PRNewswire-PRWeb/ -- Tiffany, 1980s pop icon and singer of the hit song, “I Think We’re Alone Now,” is returning to her roots—the mall.

Topeka Mayor Michael Padilla

Tiffany will perform at the Greater Topeka Partnership’s Annual Meeting on April 4. The Partnership unites the community’s chamber of commerce, tourism and economic development interests under one roof.

Cody Foster

Their 1980s-themed Annual Meeting will take place in the mall food court and include a panel discussion featuring Cody Foster, co-founder of Advisors Excel, Molly Howey, president, GO Topeka, Mayor Michael Padilla, and Visit Topeka president Sean Dixon. The group will discuss key redevelopment projects shaping the city's future.

Molly Howey

Spearheaded by Advisors Excel, a Topeka, Kan.-based financial and investment services company, the remodeled mall will feature the first large-scale, mall-centered corporate campus in the United States, coupled with mixed-use retail and lifestyle offerings.

Sean Dixon

"In the 1980s, malls were the ultimate hot spot—people of all ages spent their weekends immersed in their bustling atmosphere, every corner holding excitement and possibility,” said Mayor Michael Padilla.

"Today, some say malls are dead—but here in Topeka, our local mall is coming back to life, catering to the diverse needs and preferences of modern consumers. And what better way for this revival to be led than by our own community members."

"Many malls have fallen victim to the mismanagement and apathy that leads to blight, and communities often feel their absence. We are excited to show one new way malls can thrive, inviting corporate activity alongside commercial and community engagement," said Molly Howey, president, GO Topeka.

West Ridge Mall opened in 1988, and today, it remains the third-largest enclosed mall in the state of Kansas, with nearly 1 million square feet of commercial space.

Over the past decade, the property saw anchor stores like Macy’s and Sears close in 2012 and 2018, respectively. Various management companies failed to keep the retail center alive, and by 2021, the mall’s occupancy rate had dropped to 39%, following national trends.

Last year, Advisors Excel announced plans to make the site its new corporate headquarters of up to 1,000 employees, in addition to revitalizing the shopping center with new dining, retail and community spaces as part of the company’s innovative work-from-work strategy.

Advisors Excel has chosen Texas-based redevelopment partner Russell Glen to support the project.

“Emerging from the pandemic, our company recognized the value of working together in the office,” said Cody Foster, co-founder of Advisors Excel.

“Our vision was to reinvent what a workplace and company culture can look like through the creation of a holistic campus experience that connects corporate office space with retail, dining and entertainment opportunities younger professionals seek.”

The mall redevelopment comes on the heels of a 2023 report by the ICSC (International Council of Shopping Centers) showing that Gen Z is embracing the mall, with those aged 16-26 preferring in-person shopping experiences to online ones.

 Likewise, 97% of survey respondents said they would shop at brick-and-mortar stores.

“As we compete for the next generation of talent, we believe this project will be vital to ensuring we have the assets online that young professionals are looking for,” said Howey.

“Nationally, many American malls have fallen victim to the mismanagement and apathy that leads to blight, and communities often feel their absence.

"In Topeka, we are excited to show one new way malls can thrive, inviting corporate activity alongside commercial and community engagement. What better way to kick off these efforts than with Tiffany!”

CONTACTS:

Claudia Velasquez, Violet PR, 8627039202, 

claudia@violetpr.com

Alexa Cangialosi

Violet PR

845.825.1271

TopekaPartnership.com.

AdvisorsExcel.com.

. Photos courtesy of GTP and Advisors Excel

 SOURCE: GOTopeka.com.

 

 

JLL Capital Markets brokers $22 million refinancing for the 282,039-square-foot Arundel Plaza in Glen Burnie, MD

 Arundel Plaza, Glen Burnie, MD

  MORRISTOWN, NJ –  JLL Capital Markets as arranged the $22 million refinancing of Arundel Plaza, a 282,039-square-foot community shopping center located in Glen Burnie, Maryland.

Michael Klein

 JLL represented the borrower, United Hampshire U.S. REIT (“UHREIT”), to secure the five-year, fixed-rate loan through a correspondent life company lender.

Built in 1967 and renovated in 2017, the six-building Arundel Plaza is 100% occupied by 15 diverse tenants. 

The property is anchored by Lowe’s, a home improvement and appliance store with 2,181 locations across North America, and Giant Food of Maryland, LLC, a subsidiary of Ahold Finance, LLC (S&P: BBB), an American supermarket chain with 165 stores across Delaware, Maryland, Virginia and Washington, D.C.

 

Jon Mikula

Additional tenants include Jersey Mike’s Subs, FedEx, Hook and Reel, Panda Express and Chipotle. Arundel Plaza features an average tenancy of eight years with a weighted average lease expiry of 7.8 years.

Situated at 6620 Governor Ritchie Highway, the property is strategically located with over 1,300 feet of frontage along Governor Ritchie Highway, Maryland’s longest highway, which offers direct access to Baltimore and Annapolis.

 

 The center is within proximity to a robust transportation infrastructure, including Maryland Route 3, Maryland Route 10, I-97 and I-695 within one mile of the property, as well as a dense population of 183,000 residents within the center’s trade area (five-mile radius).

 

Evan Parker

Due to its location and strong tenancy, Arundel Plaza received approximately 2.2 million site visits over the past 12 months.

The JLL Capital Markets Debt Advisory Team was led by Senior Managing Directors Michael Klein and Jon Mikula, Senior Director Evan Parker and Analyst John Cumming.

 

“UHREIT has made significant improvements to the shopping center in the last few years, which has helped drive tenant demand,” said Mikula.  “Lender interest in necessity retail is at a recent all-time high, and this transaction was no exception.”

 

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers.

 

John Cumming

The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization.

 

The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

 

For more news, videos and research resources, please visit JLL’s newsroom. 

CONTACT:

Jenna Sharp

JLL, Public Relations

 Capital Markets

Dallas, Texas

M +1 214 394 3356

Jenna.Sharp@jll.com