Life Local investors acquire Great Mall of the Great Plains - Page 2

Deberg_1990 · 01-06-2009, 03:02 PM

Huh....I had no idea they were struggling? I went there once about 10 years ago. It seemed nice, although it did seem to be out in the middle of nowhere.

http://www.kansascity.com/703/story/966242.html

The Great Mall of the Great Plains has new local owners who plan to rename and revitalize the long-struggling Olathe center.

The deal to buy the mall at Interstate 35 and 151st Street from Glimcher Realty Trust was completed Monday for an undisclosed price in the “multi-millions,” according to the new owners, Great Olathe Center.

“The mall draws from a very, very broad demographic and geographic,” said David M. Block, a principal with Block & Co. Realtors and managing partner of Great Olathe Center. “We plan to reposition it to be a driving force in retail sales for the future in southern Johnson County.”

Block said the other five investors wish to remain silent partners in the venture.

Officials with Glimcher, a Columbus, Ohio-based real estate investment trust, were not available for comment. But a previous public filing with the Securities and Exchange Commission said the company planned to use the proceeds from a sale, as well as funds from a line of credit, to help repay a $30 million loan on the property.

Great Mall customers should begin to see more promotions and events within the next two months.

Block said the new owners already are in talks with “entrepreneurial” local and regional retailers and restaurants to fill empty spaces and increase traffic at the mall, which is about 70 percent occupied. He said those businesses will be offered “reasonable” rental rates and short- to mid-term leases with relocation rights within the mall if they are successful.

National tenants are more interested in opening in 2010 to 2012, when the economy is expected to improve.

The new owners also are in talks with Olathe city officials about financial incentives for redevelopment. Block said the incentives are necessary to bring in “new and exciting and large retailers” that will set the mall apart from others in the area.

“When times were good we gave the incentives to the Bass Pros and the Nebraska Furniture Marts,” Block said. “So what do you do when times aren’t as good?”

The Olathe Chamber of Commerce has been working with the new owners since plans for the sale were announced in July.

“It’s nice to have local owners with a great reputation and understanding of the local market and great ideas for redevelopment,” said Joyce Coker-Dreier, spokeswoman for the chamber.

When the Great Mall opened in August 1997 it was the area’s first new enclosed mall in nearly a decade. The “value center” offered 160 stores including outlets and traditional retail and was expected to draw from a wide radius, even tour buses from Branson.

Annual sales were expected to reach $100 million or more and put about $1 million in sales taxes in Olathe’s coffers each year. A second entertainment phase was scheduled to be completed in 1999.

In its first full year of operations in 1998, the mall generated $104.2 million in annual sales. But the owners already were filing suits against current and former tenants for back rent. Some tenants countered with complaints that traffic was less than expected.

The mall ultimately lost anchor tenants such as Dillard’s Clearance Center and Oshman’s SuperSports USA. By 2004, annual sales had fallen to $78 million.

Current anchor Steve & Barry’s is scheduled to close later this month as part of a national bankruptcy. Then occupancy will be less than 70 percent.

Block pointed out that Glimcher Realty Trust doesn’t own any other property in the region.

“They have concentrated and focused on development on two coasts,” he said. Glimcher didn’t have the staff “or the local knowledge to work with the greater Kansas City community to lease and promote that mall. So we’re kind of bringing everything home now.”

Block said the population base wasn’t sufficient to support a nearly 1 million-square-foot mall in 1997. But now the mall can draw on more than 107,330 people within a five-mile radius with an average annual household income of $75,786.

More than 118,000 cars pass the center every weekday and Block said the primary retail trade area is nearly 289,000 people.

Despite its size, the mall is not easily visible from Interstate 35, so more signs will be added. The new owners also may add high-profile entertainment venues and a hotel.

The oval design also requires too much walking for the typical Kansas City shopper, Block said, so walkways cutting through the center of the mall will be highlighted.

The Great Mall also is known for its eccentric decor, including green and purple striped/black and yellow checked carpet, and a new design will be phased in.

“It’s not going to happen overnight, but it’s going to be something we are going to be moving on and we are going to move on immediately,” Block said. “Customers are going to see activity and they’re going to see the effort to try to change the direction this center has had for many years, no attention.”

memyselfI · 01-06-2009, 05:06 PM

The place USED to be in the middle of nowhere but that area has grown quite a bit. The problem is the mall itself resembled a prison and seemed dark and dreary. Even a shopaholic like myself couldn't ever get really excited about spending money there.

They should have sold the land to the Wizards and bull dozed the place.

Demonpenz · 01-06-2009, 05:09 PM

my shopaholic tweenage cousin even doesn't go there

Micjones · 01-06-2009, 05:13 PM

Quote:

Originally Posted by memyselfI

The place USED to be in the middle of nowhere but that area has grown quite a bit. The problem is the mall itself resembled a prison and seemed dark and dreary. Even a shopaholic like myself couldn't ever get really excited about spending money there.

They should have sold the land to the Wizards and bull dozed the place.

The area's grown, but I think it still leaves a lot to be desired.

**the Talking Can** · 01-06-2009, 05:24 PM

Quote:

The oval design also requires too much walking for the typical Kansas City shopper, Block said, so walkways cutting through the center of the mall will be highlighted.

fat pieces of shit

Deberg_1990 · 01-06-2009, 05:30 PM

Actually the design may be outdated.

Most of the new shopping malls being built these days are "open air"

Sure-Oz · 01-06-2009, 05:39 PM

Quote:

Originally Posted by CrazyPhuD

wtf.......

Translation:the area has a bunch of lazy fatasses that are bitching

Dayze · 01-06-2009, 05:51 PM

I went there ONCe; it was too friggin' 'weird'. I don't know how else to say it. Sort of like shopping at a carnival.

creepy.

Abba-Dabba · 01-06-2009, 05:56 PM

I've never really thought of that place as a standard mall. Always looked at it as a outlet mall where all the stuff that doesn't sell in a standard mall store goes. It's like a big prison of a bunch of shit you don't need, or should want.

**Baby Lee** · 01-06-2009, 06:03 PM

Quote:

Originally Posted by Micjones

Weird location. Weird design. Weird food court.
There's quite a bit wrong with that place.

I think the proposed changes will help out quite a bit though.

I usually only go there for Burlington Coat Factory.

I swear to God, the main problem was the started it as solely a factory outlet collection. St. Louis Mills has almost identical layout, and is similarly out in the boonies, but it does a shit-ton of business because it mixes the outlets with legit chains. Instead of 'As seen on TV' next to 'Burlington Coat Outlet' next to 'Fuller Brush Outlet,' they intersperse a Bed Bath and Beyond, Circuit City, and factory stores, which are hybrids of outlets and showcases, like the Nike Factrory Store, where you can get their discontinued stuff AND their newest and best. Oh, and speaking of Cabelas, the snagged Cabelas as an anchor rather than letting them build elsewhere.

They also teamed up with the blues to have their practice facilities there, so shopper can catch them practicing, and they can repurpose the rink for general skating or youth athletics when the Blues aren't practicing.

The Nascar Shop, where you can buy Nascar shit, or play racing video games, or race actual electric 'Nascar' go-karts.

They need a swankier draw than bargains, because it's a fine line between a bargain mecca and a dump filled with discontinued stuff no one wanted in the first place.

http://www.simon.com/mall/default.aspx?ID=1244

ChiefsCountry · 01-06-2009, 06:27 PM

Block and company is a pretty good real estate company, I think they will do well with it.

KCUnited · 01-06-2009, 06:38 PM

Please keep Original Pizza.

Sure-Oz · 01-06-2009, 06:40 PM

Quote:

Originally Posted by KCUnited

Please keep Original Pizza.

If they don't you can always go to blue springs, they have an original pizza there or nw barry road in kc

Micjones · 01-06-2009, 06:48 PM

Quote:

Originally Posted by Baby Lee

I swear to God, the main problem was the started it as solely a factory outlet collection. St. Louis Mills has almost identical layout, and is similarly out in the boonies, but it does a shit-ton of business because it mixes the outlets with legit chains. Instead of 'As seen on TV' next to 'Burlington Coat Outlet' next to 'Fuller Brush Outlet,' they intersperse a Bed Bath and Beyond, Circuit City, and factory stores, which are hybrids of outlets and showcases, like the Nike Factrory Store, where you can get their discontinued stuff AND their newest and best. Oh, and speaking of Cabelas, the snagged Cabelas as an anchor rather than letting them build elsewhere.

They also teamed up with the blues to have their practice facilities there, so shopper can catch them practicing, and they can repurpose the rink for general skating or youth athletics when the Blues aren't practicing.

The Nascar Shop, where you can buy Nascar shit, or play racing video games, or race actual electric 'Nascar' go-karts.

They need a swankier draw than bargains, because it's a fine line between a bargain mecca and a dump filled with discontinued stuff no one wanted in the first place.

http://www.simon.com/mall/default.aspx?ID=1244

Sounds very well planned.

I was never really impressed with the stores at The Great Mall.
Too many passover stores.

KCUnited · 01-06-2009, 06:51 PM

Quote:

Originally Posted by Sure-Oz

If they don't you can always go to blue springs, they have an original pizza there or nw barry road in kc

Micjones · 01-06-2009, 06:59 PM

Quote:

Originally Posted by Sure-Oz

If they don't you can always go to blue springs, they have an original pizza there or nw barry road in kc

Don't forget about Lee's Summit.

01-06-2009, 03:02 PM
Deberg_1990 In Search of a Life Join Date: Jan 2004 Location: San Antonio Tx. Casino cash: $3914454	Local investors acquire Great Mall of the Great Plains Huh....I had no idea they were struggling? I went there once about 10 years ago. It seemed nice, although it did seem to be out in the middle of nowhere. http://www.kansascity.com/703/story/966242.html The Great Mall of the Great Plains has new local owners who plan to rename and revitalize the long-struggling Olathe center. The deal to buy the mall at Interstate 35 and 151st Street from Glimcher Realty Trust was completed Monday for an undisclosed price in the “multi-millions,” according to the new owners, Great Olathe Center. “The mall draws from a very, very broad demographic and geographic,” said David M. Block, a principal with Block & Co. Realtors and managing partner of Great Olathe Center. “We plan to reposition it to be a driving force in retail sales for the future in southern Johnson County.” Block said the other five investors wish to remain silent partners in the venture. Officials with Glimcher, a Columbus, Ohio-based real estate investment trust, were not available for comment. But a previous public filing with the Securities and Exchange Commission said the company planned to use the proceeds from a sale, as well as funds from a line of credit, to help repay a $30 million loan on the property. Great Mall customers should begin to see more promotions and events within the next two months. Block said the new owners already are in talks with “entrepreneurial” local and regional retailers and restaurants to fill empty spaces and increase traffic at the mall, which is about 70 percent occupied. He said those businesses will be offered “reasonable” rental rates and short- to mid-term leases with relocation rights within the mall if they are successful. National tenants are more interested in opening in 2010 to 2012, when the economy is expected to improve. The new owners also are in talks with Olathe city officials about financial incentives for redevelopment. Block said the incentives are necessary to bring in “new and exciting and large retailers” that will set the mall apart from others in the area. “When times were good we gave the incentives to the Bass Pros and the Nebraska Furniture Marts,” Block said. “So what do you do when times aren’t as good?” The Olathe Chamber of Commerce has been working with the new owners since plans for the sale were announced in July. “It’s nice to have local owners with a great reputation and understanding of the local market and great ideas for redevelopment,” said Joyce Coker-Dreier, spokeswoman for the chamber. When the Great Mall opened in August 1997 it was the area’s first new enclosed mall in nearly a decade. The “value center” offered 160 stores including outlets and traditional retail and was expected to draw from a wide radius, even tour buses from Branson. Annual sales were expected to reach $100 million or more and put about $1 million in sales taxes in Olathe’s coffers each year. A second entertainment phase was scheduled to be completed in 1999. In its first full year of operations in 1998, the mall generated $104.2 million in annual sales. But the owners already were filing suits against current and former tenants for back rent. Some tenants countered with complaints that traffic was less than expected. The mall ultimately lost anchor tenants such as Dillard’s Clearance Center and Oshman’s SuperSports USA. By 2004, annual sales had fallen to $78 million. Current anchor Steve & Barry’s is scheduled to close later this month as part of a national bankruptcy. Then occupancy will be less than 70 percent. Block pointed out that Glimcher Realty Trust doesn’t own any other property in the region. “They have concentrated and focused on development on two coasts,” he said. Glimcher didn’t have the staff “or the local knowledge to work with the greater Kansas City community to lease and promote that mall. So we’re kind of bringing everything home now.” Block said the population base wasn’t sufficient to support a nearly 1 million-square-foot mall in 1997. But now the mall can draw on more than 107,330 people within a five-mile radius with an average annual household income of $75,786. More than 118,000 cars pass the center every weekday and Block said the primary retail trade area is nearly 289,000 people. Despite its size, the mall is not easily visible from Interstate 35, so more signs will be added. The new owners also may add high-profile entertainment venues and a hotel. The oval design also requires too much walking for the typical Kansas City shopper, Block said, so walkways cutting through the center of the mall will be highlighted. The Great Mall also is known for its eccentric decor, including green and purple striped/black and yellow checked carpet, and a new design will be phased in. “It’s not going to happen overnight, but it’s going to be something we are going to be moving on and we are going to move on immediately,” Block said. “Customers are going to see activity and they’re going to see the effort to try to change the direction this center has had for many years, no attention.”
Posts: 66,914

01-06-2009, 05:06 PM	#16
memyselfI CHANGEd your mind yet???? Join Date: Aug 2001 Location: Lunatics Anonymous Casino cash: $10005234	The place USED to be in the middle of nowhere but that area has grown quite a bit. The problem is the mall itself resembled a prison and seemed dark and dreary. Even a shopaholic like myself couldn't ever get really excited about spending money there. They should have sold the land to the Wizards and bull dozed the place. __________________ Meet the new boss same as the old boss. BigChiefDave:"Anyone who thought we would only be in Iraq for a few years is either stoned or just stoopid." "It is unknowable how long that conflict will last. It could last 6 days, 6 wks. I doubt 6 mths." Rummy 2/7/03
Posts: 32,000

01-06-2009, 05:09 PM	#17
Demonpenz I got Rice cookin in the micro Join Date: Nov 2003 Location: Apartment "G UNIT!" Casino cash: $3112136	my shopaholic tweenage cousin even doesn't go there __________________
Posts: 54,273

01-06-2009, 05:30 PM	#20
Deberg_1990 In Search of a Life Join Date: Jan 2004 Location: San Antonio Tx. Casino cash: $3914454	Actually the design may be outdated. Most of the new shopping malls being built these days are "open air" __________________ Originally Posted by Cassel's Reckoning: Matt once made a very nice play in Seattle where he spun away from a pass rusher and hit Bowe off his back foot for a first down. One of the best plays Matt has ever made.
Posts: 66,914

01-06-2009, 05:51 PM	#22
Dayze Resident Glue Sniffer Join Date: Nov 2003 Casino cash: $5169358	I went there ONCe; it was too friggin' 'weird'. I don't know how else to say it. Sort of like shopping at a carnival. creepy. __________________ Life is 99% inspiration, 1% Perspiration, and 1% Attention to Detial. RIP & Godspeed: Saccoppo Lonewolf Ed Fire Me Boy
Posts: 37,361

01-06-2009, 05:56 PM	#23
Abba-Dabba MVP Join Date: May 2001 Casino cash: $4502970	I've never really thought of that place as a standard mall. Always looked at it as a outlet mall where all the stuff that doesn't sell in a standard mall store goes. It's like a big prison of a bunch of shit you don't need, or should want.
Posts: 18,144

01-06-2009, 06:27 PM	#25
ChiefsCountry The Insider Join Date: Jan 2004 Location: Lake of the Ozarks Casino cash: $2308752	Block and company is a pretty good real estate company, I think they will do well with it.
Posts: 49,608

01-06-2009, 06:38 PM	#26
KCUnited Cheat Death Join Date: Nov 2007 Location: Land of Drincoln Casino cash: $2278244	Please keep Original Pizza.
Posts: 33,925