Tag Archives: Walmart Supercenter

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Walmart announces new supercenter at Metrocenter Mall

Today, Walmart announced plans to build a Supercenter at the iconic Metrocenter Mall, near I-17 and 35th Avenue, in northwest Phoenix. Work on the project is expected to begin in the first quarter of 2015 with the demolition of the former Broadway building, which has been vacant since 2006.

Officials with Walmart, the City of Phoenix and Metrocenter Mall, as well as area business owners and community leaders, were on-hand for the Supercenter announcement. This marks the single largest capital investment in Metrocenter Mall in decades.

“Metrocenter Mall is a Phoenix landmark that has served shoppers from across Arizona for decades,” said Phoenix City Councilwoman Thelda Williams. “I’m proud to be a part of this announcement with Walmart and I know that, together with its efforts and those of the City of Phoenix and area business and community leaders, Metrocenter Mall’s best days are still ahead.”

Metrocenter Mall opened in 1973 as the biggest shopping center in Arizona and one of the largest nationwide. Recent years saw Metrocenter challenged by the establishment of competing regional malls, changing shopping patterns and the Great Recession. Now, Metrocenter Mall owner Carlyle Development Group, the City of Phoenix and community leaders are intent on bringing new life to the area. In mid-March, the Phoenix City Council unanimously approved a redevelopment plan that will, over the coming decade, guide land use, infrastructure upgrades and public transportation for a 2,500-acre area, including Metrocenter Mall. Currently, the retail vacancy rate in the vicinity averages 28 percent, more than double the citywide figure.

The construction of a Walmart Supercenter is a critical part of Metrocenter’s turnaround, said Warren Fink, COO of Carlyle Development Group.

“Our vision when we acquired Metrocenter Mall two-and-a-half years ago was to bring in a well-known anchor to serve our local community. Walmart more than fulfills that requirement and we are thrilled to welcome them,” said Fink. “This is a first step toward revitalizing a once dominant mall, rebuilding customer commitment and moving forward with plans for the future of Metrocenter that include rezoning to permit complimentary uses such as multifamily apartments, senior housing, corporate offices, healthcare facilities and medical offices.”

Marcia Veidmark, Chairwoman of the North Mountain Business Alliance, is supportive of the Walmart Supercenter, and said its development should help attract additional customers and capital investment to the area.

“This is a very good day for Metrocenter Mall and for the Metro and North Mountain communities,” said Veidmark.  “Walmart’s investment can be a catalyst for economic growth and job creation.  We need both of these.”

New Supercenter, Same High-Quality Walmart Products and Services

The new Walmart Supercenter at Metrocenter Mall is scheduled to open in 2016. The 148,000-square-foot store will provide 24/7 shopping convenience and offer quality, value-priced general merchandise that includes apparel, electronics, toys and sporting goods. The store also will feature a full-service pharmacy and complete line of groceries, including organic selections, fresh dairy and meat departments and local favorites.

Walmart will construct the Supercenter with industry-leading technology to maximize energy efficiency, conserve water and minimize waste. Environmentally responsible features will include LED lighting, high-efficiency HVAC units and the use of drought-tolerant landscaping irrigated with a low-flow and drip watering system.

Once open, the Supercenter will employ an estimated 250 associates. A mix of full- and part-time positions will be available throughout the store, including: department managers, customer service, personnel, maintenance, sales associates, stocking positions, cashiers and more.

“Walmart is committed to the Phoenix community, and we’re thrilled this Supercenter will bring one-stop shopping convenience to our customers while playing a key role in the revitalization of Metrocenter Mall,” said Paula Ginnett, a Walmart Vice President and Regional General Manager. “This is truly a win-win, and we are grateful to Metrocenter Mall officials, the City of Phoenix, community leaders and – most of all – Walmart customers for making it possible.”

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North Dakota investor purchases Walmart Shops at Laveen Village for $7.15M

Cassidy Turley announced that North Dakota-based Eleven Investments, LLC acquired Walmart Shops at Laveen Village, a neighborhood shopping center along with a developable pad located at 3525 W. Southern Avenue, for $7.15 million ($151.81 PSF). The seller was Washington-based Pacific West Land, LLC.

Executive Managing Directors Ryan Schubert and Michael Hackett with Cassidy Turley’s Retail Capital Markets Group represented the seller.

“Eleven Investments made an opportunistic purchase of this quality asset, which they anticipate adding substantial value to thru lease-up and potential development of the outparcel,” Mr. Hackett said.

Built in 2007, Walmart Shops at Laveen Village is a ±47,098 -square-foot shopping center situated on ±9.64 acres and configured for multi-tenant retail use. The project is anchored by a Walmart Supercenter (NAP) and other national tenants including Church’s Chicken, Sally Beauty Supply and Cricket Wireless. The property has excellent visibility along both Southern Avenue and 35th Avenue in Laveen, an urban village within the City of Phoenix. The Walmart Shops at Laveen Village was 77% occupied at the time of sale.

Vestar

Vestar Property Manager At Christown Spectrum Mall

Vestar, a prominent leader in commercial management, was selected as property manager at Christown Spectrum Mall in Phoenix.

“In today’s challenging retail market, owners understand that an experienced property manager is necessary for the success of a center,” says Pat McGinley, Vestar Vice President of Property Management.

Christown Spectrum Mall, formerly known as Phoenix Spectrum Mall, is a 1.14 MSF shopping center that caters to a diverse demographic. The change in management is not the only recent change; the exterior has been redesigned and developed to improve the overall environment of the property, according to Vestar officials.

Christown was Arizona’s first air-conditioned, enclosed mall and today it houses popular stores such as Walmart Supercenter, Walgreens, Ross Dress for Less, Costco Wholesale, Claire’s Boutique, and Dollar Tree. The mall also features other smaller specialty retail stores.

While Vestar continues to manage its various properties, it has begun examining and evaluating plans for Christown to specifically help increase mall traffic and tenant sales, Vestar says.

To increase the synergy from all of the tenants, the company plans to use its years of experience and the lessons it has learned to creatively think about every area of potential improvement.

The mall features seven anchor stores. Officials say in the current economic climate, having successful anchor stores is vital to the survival of a mall. In the past decade, several anchor stores began to close and put Christown in a difficult position. However, with the new redesign and change in management of the mall, the future will continue to look positive, officials predict.

A challenge that Vestar faces with Christown is the disparity of traffic throughout the different sections of the mall.

“We want to find new ways to drive traffic from one portion of the mall to another and create an environment where the whole is greater than the sum of the parts,” McGinley says.” One of Vestar’s core values includes innovation, which to Vestar, means, “tak(ing) lessons of today to create the projects of tomorrow” and the “innovation comes from (their) constant search for better results.”

Vestar is in the “process of evaluating each aspect of their operation to determine how best to improve the leasing, management and marketing functions,” McGinley says. He adds that tenants have been very responsive to the change in management and with the changes that Vestar is planning on making.

Founded in 1977, Vestar operates properties in Arizona, southern California, and now Nevada. Vestar oversees more than 45 properties which include Tempe Market Place, Desert Ridge Market Place, and Ahwatukee Foothills Towne Center in Arizona.

For more about Christown Spectrum Mall, visit christownspectrum.com; or, for more information about Vestar, visit vestar.com.