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

PEBB Enterprises Announces 5,200-SF Restaurant Row Lease in Boca Raton, FL with Acclaimed Chef Pushkar Marathe’s Stage Kitchen & Bar

 

Pushkar Marathe 

BOCA RATON, FL–– PEBB Enterprises, the entrepreneurial private real estate investment company, successfully leased the final space at its Restaurant Row development in PEBB’s home base of Boca Raton.

    

                         Anna Woodman

Renowned chef and restaurateur Pushkar Marathe will expand his Stage Kitchen & Bar concept to Restaurant Row.

Pronounced “staahj,” in a nod to the title given to culinary interns who gain experience in different kitchens across the globe, Stage Kitchen & Bar leased 5,200 square feet at Restaurant Row.

Ian Weiner

It expects to open to customers by the end of 2024. The New American restaurant, which provides an integrated, small-plates experience inspired by diverse culinary influences from around the world, has an existing location in Palm Beach Gardens.

Andy Dugard 

Stage Kitchen & Bar joins Fabio Trabocchi’s Fiolina Pasta House, Pubbelly Sushi and El Camino as Restaurant Row’s tenants. Fiolina and El Camino opened in late 2023, and Pubbelly is scheduled to open this summer.

Chris Haass

“We are thrilled to finalize our lease with Chef Pushkar Marathe’s Stage Kitchen & Bar concept to round out the incredible roster at Restaurant Row,” PEBB Enterprises President and CEO Ian Weiner said.

“We accomplished our mission to elevate the quality of dining options in the city we call home. The end result is four distinct and complementary concepts with passionate followings.”

       Stage Dining Room, Restaurant Row, Boca Raton, FL

  
Born in Nagpur, India, Marathe’s culinary roots originate in the rich flavors of his homeland. At 20, he began his culinary training in Switzerland before embarking on a decades-long exploration of international cuisine. Marathe gathered knowledge and inspiration from the far east of India to the western edge of California.

In 2020, Marathe and partner Andy Dugard opened Stage Kitchen & Bar in Palm Beach Gardens. The restaurant was recognized by USA Today’s Best Restaurants of 2024. In 2023, Marathe was nominated “Best Chef: South” semifinalist by the James Beard Foundation.

Restaurant Row, Boca Raton, FL

The Restaurant Row location “will have the beautiful fingerprint of our designer, Anna Woodman, and our flavor-forward, globally influenced cuisine,” Marathe said.

Chris Haass of Cohen Commercial represented the tenant in the lease.

 

CONTACT:

Daniel Benjamin

Account Director

dbenjamin@boardroompr.com

C 954-618-8287

O 954-370-8999

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First National Realty Partners Acquires Pennsylvania Retail Property

 

Matt Annibale

Horsham, PA -- First National Realty Partners (FNRP), a leading national private equity firm specializing in commercial real estate, announced the acquisition of Elements Horsham, a 50,353-square-foot shopping center in Horsham, Pennsylvania.

James Galbally

This strategic acquisition strengthens FNRP's presence in the Commonwealth and continues its growth in the open-air retail sector.

 

"We're excited to welcome Elements Horsham to our growing portfolio," said Matt Annibale, senior director of acquisitions. "This high-performing center aligns perfectly with our strategy, offering a diverse, upscale tenant mix in a prime location within a thriving submarket of Philadelphia."

Boasting a 94% occupancy rate, Elements Horsham features a wide selection of essential daily needs tenants including dining establishments, professional services, and medical providers.

 Patrick Higgins

A high-traffic Starbucks anchors one corner, while MaGerk's, a regional upscale eatery, occupies the other end. The center also features Aqua-Tots Swim School, TruMark Financial, Charles Schwab, and a variety of healthcare professionals.

"The presence of these established and growing businesses highlights the strong demand for Elements Horsham's diverse offerings," Annibale said. "We're confident this acquisition will continue to benefit from the strength of the trade area."

The center is situated in an affluent suburb of Philadelphia within a dense trade area that features extremely high retail occupancy and strong barriers to new development. 

Chris Munley

Within a 5-mile radius of the property, the population exceeds 200,000 people with an average household income of $150,000, about twice the national median.

James Galbally, Patrick Higgins, Chris Munley, and Colin Behr represented the seller in this transaction.

FNRP provides accredited investors with access to institutional quality commercial real estate assets specializing in necessity-based real estate: grocery-anchored retail, multifamily, and industrial and sourcing opportunities both on and off-market nationwide.

 

Colin Behr

 From acquisition to disposition, FNRP oversees the entire investment lifecycle 100% in-house, leveraging top talent in legal, acquisitions, leasing, and other key areas. For more information, visit www.fnrpusa.com.

CONTACT:

Jessica Shein

Account Director

jshein@boardroompr.com

C 954-817-9389

O 954-370-8999

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