Christown Spectrum

existing asset - redevelopment/repositioning

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Summary

  • Acquisition – March 2004

  • Location – Phoenix, AZ

  • Value-Add Opportunity – Asset

  • Re-positioning Size – 831,057 sq. ft.

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  • Urban in-fill retail location with outdated mall format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)