As the only enclosed mall for over 55 miles on Delmarva,the 862,000-square-foot Centre at Salisbury serves over 330,000 people across nine counties in Maryland, Virginia and Delaware. It opened in 1990 and was renovated in 2010. The mall is anchored by Macy’s, Boscov’s, Sears, JCPenney and Dick’s Sporting Goods, and there’s also a 16-screen Regal Cinemas movie theater on a 72,000-square-foot outparcel.
Rouse assumed an existing $115 million partial-recourse loan with a 5.79% interest rate, due to mature in May 2016 to purchase the mall.
“Chesterfield Towne Center and The Centre at Salisbury are key additions to our portfolio of dominant, middle market regional malls,” says Rouse’s president and CEO, Andrew Silberfein. “These malls both serve expansive trade areas with limited enclosed mall competition, supporting strong inline and anchor sales volumes.
The Salisbury property is currently 93.8% leased; its inline sales average $320 per square foot.
17 comments:
From what I have researched these big companys buy extended the property really sell it and move on with the $$$ .then the occupency drops and the mall is left with empty stores.
Maybe the new owners will make some improvements. The mall really starting to look run down. Kind of like the old mall in its dying days.
There are noticeable cracks up and down the outside of the building and the interior really hasn't change much since it first opened.
The new owners, (in my opinion) are foolish.
The mall is close to the normal 30 year life span and without any doubt if Delaware does smart marketing just a couple miles away they will not only deliver a modern mall but they will be tax free as well.
This will be the beginning of the end for Salisbury. You mark my words and my guess is that you'll see a new mall in the location they planed to put a casino in two years ago.
It is cheap to live in DE because they barley take in taxes DE is broke and they especially don't have money for a multi million dollar mall.
I agree with Joe. Thirty years for a mall is old. I was in Boscov's last night and looked at their antiquated cash registers that were the size of a trunk and over 30 years old. Their phones were antiquated as well. This is going to be like the old mall and the Blue Hen mall in Dover. It's days are numbered and all a developer has to do is put a new mall in tax free Delmar Delaware and it will be the last nail in the coffin for the Salisbury Mall. Maryland and Salisbury is a liberal town and state that places taxes on every thing which makes it unaffordable to run a successful business. You will also see many lost jobs in Salisbury. Salisbury will become a ghost town. A nice mall is always the center piece of a nice town. Look at downtown and now watch what happens to the Northern Rt. 13 corridor. Buh Bye Salisbury. Here we come Delmar Delaware.
It would have to be private cooperation and private $ but it would be very risky doing so look at the clientele in the areas if you get my drift.
Lets all push for a brand new huge tax free shopping mall in Delmar Del. and let this one die! Everything in there is over priced and the place is a dump.
Lets see Ireton whitewash the closing down of the Salisbury Mall !
Just remember folks everything you lose takes the shore one step closer to the end.....
Apparently the deal did not include the separate locations - Famous Dave's, the new steakhouse, Olive Garden, Red Lobster, etc., which Macerich did not own.
Anonymous said...
It would have to be private cooperation and private $ but it would be very risky doing so look at the clientele in the areas if you get my drift.
December 14, 2013 at 12:22 PM
I get your drift, but the clientele that shop in Salisbury will drive a mile more to save with not taxes. Don't be stupid all your life.
Anonymous said...
Just remember folks everything you lose takes the shore one step closer to the end.....
December 14, 2013 at 2:26 PM
That's what's happening because you continue to vote for people like Ireton, Conway, O'Malley and Obama. You are part of the problem.
Depreciation will increase year by year at this point because of the mall age factor.Corporations don't throw around hundreds of millions for no valid reason,nor would they have accumulated such wealth without business savvy.Don't anticipate any major mall improvements,because a decline could be more profitable to them than continuous upgrades.
Look at it this way. They have an established business with a market cornered. Investing in repairs/remodeling is cheap compared to the cost of complete new construction. Delaware does not have the infrastructure to support, that is why you do not see anything near the size popping up a few miles north. They made a smart move.
If it does stay and survives I would like to see something besides clothing and shoes. We need stores that sell furniture, housewares, and all items for the
home like a Home Goods. You have to go out of town, The Country House, or Delaware outlets.
5:47 You hit the nail on the head. Look for nothing from this point on. A write off for them is much more lucrative. People coming from over the bridge don't want to shop in Smallsbury and locals either shop on line or go to the outlets in DE.
They don't want to see thugs in the mall it getting there vehicle stolen.
This mall does pretty good profit wise. Its classified as a level "B" mall and is competitive with other level "B" malls. The movie theater is the is ranked 3rd in its region in sales. Which includes Baltimore Richmond DC and Philly.
Malls are built to anchor the retail community, hence when it was built north Salisbury grown. There nothing up there before then besides Wal-Mart which at that time nobody cared about.
This mall isn't going anywhere. Support your community have pride in it. Too many negative Nancy's on the shore.
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