N.Y. Company Purchases Chesterfield Towne Center - 8NEWS - WRIC | News Where You Live

N.Y. Company Purchases Chesterfield Towne Center

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CHESTERFIELD COUNTY, Va. (WRIC)—Chesterfield Towne Center has been sold. Last week, New York-based Rouse Properties bought the mall, which has been open since 1975.

Rouse Properties announced on Dec. 11 that it had purchased Chesterfield Towne Center and The Centre at Salisbury, in Salisbury, Md., for a total of approximately $292.5 million. Both were acquired from affiliates of the Macerich Company.

Rouse Properties now operates malls in 21 states. Experts say, with an experienced buyer like this, shoppers could see positive changes the next time they visit Chesterfield Towne Center.

"Typically with a situation like that, with a well-known mall owner, they have a plan of coming in and infusing some cash," said Jim McVey of Commonwealth Commercial Partners. "They probably have some other tenants in their back pockets that will come in and take some of the other vacancies away."

McVey says that in addition to more stores, customers could see better services, like cleaner facilities, increased security, and stable prices; malls know they're competing with the Internet an often try to keep costs low.

"I think it's a good sign for Richmond that we are now on their radar screen, whereas before it was Atlantas, D.C.s or LAs," McVey said.

The president and chief executive officer of Rouse Properties said in a statement, "We see opportunities at both malls to apply our strong platform to substantially improve the malls' economic metrics, merchandising mix and tenant quality."

According to Rouse Properties, Chesterfield Towne Center is currently 88.1 percent leased.


Copyright 2013 by Young Broadcasting of Richmond

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