Springfield Town Center Finally Open for Business
- Oct 24, 2014
After two years of renovations, the former Springfield Mall is again ready to receive shoppers. The large retail property re-opened on Oct. 17, with a new design and a new name: Springfield Town Center.
Arthur M. Fischer Inc. and Franconia Associates built the 1.4 million-square-foot mall. It opened in 1973, in Springfield, Fairfax County. The property features 642,000 square feet of anchor space and 703,000 square feet of non-anchor space. Vornado Realty Trust purchased the mall in 2006. In 2012, the company started work on the $250 million redesign and renovation project.
Last March, Pennsylvania Real Estate Investment Trust announced it entered into an agreement with Vornado Realty Trust to buy the Springfield Town Center for $465 million. The deal is expected to close by next March. It calls for Vornado to receive $340 million in cash and $125 million in PREIT operating partnership units, making the New York-based firm a passive investor in PREIT.
Springfield Town Center now features a new grand entrance, a food court with an indoor/outdoor patio area, a children’s play area, a 12-screen Regal Cinema, free Wi-Fi, phone charging stations and even electronic vehicle charging stations. Its tenant roster includes nearly 100 retailers, including Macy’s, J.C. Penney, Target, Dick’s Sporting Goods and others.
According to PREIT, the mall opened about 81 percent occupied, including anchors. Non-anchor occupancy was more than 60 percent. In March, PREIT said the property’s non-anchor space was 30 percent leased.
Approximately 50,000 square feet of additional stores are expected to open prior to the 2014 holiday season. PREIT expects non-anchor occupancy to surpass 90 percent by the end of 2015.
“We are extremely excited to open Springfield Town Center, which upon integration into our portfolio will underscore the remarkable progress we have made in creating a high quality mall portfolio,” Joseph Coradino, CEO of PREIT, said in a statement.
“The high-quality, dynamic roster of tenants and amenities at Springfield Town Center will ensure a vibrant, comprehensive shopping experience that we are confident the community will embrace,” Coradino added. “Springfield Town Center will offer an environment that is conducive to customer socialization, extended visits and the creation of memorable experiences, which will ensure its success. Simply put, Springfield Town Center has it all.”
Photo credit: www.springfieldtowncenter.com