Martinsburg Mall - Depressing (Charleston, Inwood: sales, foreclosure, loan)

[dragons]

Went to the Martinsburg mall this past Saturday only to be completely repulsed at the sad state it is in. Last time I was there a year ago it was looking rough but it has gotten to the point where whole wings of the mall are missing stores (I don't count the mom and pop shops). That place has to be hemorrhaging money. I swear there may have been about 60 people in the mall at lunch.....60 and that may be an over statement. Anyone know if they plan to tear this eyesore down? I mean wow...I've been to flea markets that had more of a selection of shopping.

I'm taking bets on when they tear this place down to make room for a new shopping plaza.. 2 years in favor of a Kohls, new Walmart, Rooms-to-go or IKEA, and an HH Gregg. With new food choices.

[RD35]

The mall was hemorrhaging some serious money before it went into foreclosure. Lightstone Group owed $80.9 million on the mall and defaulted on the loan.

Mountain State University got a "steal" on the mall. They recently closed on the purchase of the mall. They paid $11 million cash for the entire complex. The mall has 550,000-square-foot of retail space on 79 acres with two out-parcels. The university plans to use 45,000 feet and leave the rest for retail.

Jones Lang LaSalle Retail will manage the complex and is looking for tenants. I agree the mall is very depressing right now, but so is everything in retail right now. It should help now that the mall is owned locally instead of some company that just has the mall on the books as a number. I personally think that the mall just needs a couple big name stores and will be heading towards rebound. More people are staying in Martinsburg to shop with the addition of The Commons Shopping Center, so if some big name stores are added in the mall people will come.

[At-Chilles]

Originally Posted by RD35

The mall was hemorrhaging some serious money before it went into foreclosure. Lightstone Group owed $80.9 million on the mall and defaulted on the loan.

Mountain State University got a "steal" on the mall. They recently closed on the purchase of the mall. They paid $11 million cash for the entire complex. The mall has 550,000-square-foot of retail space on 79 acres with two out-parcels. The university plans to use 45,000 feet and leave the rest for retail.

Jones Lang LaSalle Retail will manage the complex and is looking for tenants. I agree the mall is very depressing right now, but so is everything in retail right now. It should help now that the mall is owned locally instead of some company that just has the mall on the books as a number. I personally think that the mall just needs a couple big name stores and will be heading towards rebound. More people are staying in Martinsburg to shop with the addition of The Commons Shopping Center, so if some big name stores are added in the mall people will come.

'' Steal '' is a vast understatement. Even in a depression - 11 million in cash for 550,000sqft on 79acres of retail space is just an incredible deal anywhere - even if it was at the south pole..

[venture2000]

Dead Malls dot Com: Feature: Martinsburg Mall: Martinsburg, West Virginia

[venture2000]

The following is a link from the Dead Malls.com website. Someone posted an article on the mall back in 2005. Interesting background.

Dead Malls dot Com: Feature: Martinsburg Mall: Martinsburg, West Virginia

[Chriscross309]

I really think the "mall" concept will die off in the next decade

The new thing is life style shopping--- which is what Martainsburg needs---

and when do you think that Walmart will close up shop and build a new somewhere else?

[cat1116]

I've been to many malls on the northeast and it seems that the 2 storied malls seem to favor better, of course the area they're in regarding income helps as well.
Not a big fan of HH Gregg either.

[cat1116]

Originally Posted by Chriscross309

I really think the "mall" concept will die off in the next decade

The new thing is life style shopping--- which is what Martainsburg needs---

and when do you think that Walmart will close up shop and build a new somewhere else?

[SIZE=4]Dulles 28 Centre - Lifestyle Shopping Center[/SIZE]
The Dulles 28 Centre sits right in the middle of one of the nation's fastest growing commercial and residential areas in Loudoun County, Virginia.
www.dulles28centre.com/ - Cached - Similar

Been there. More upscale than The Commons, but you have to consider the geographic location as compared to the income level which I've been told will never happen in Berkeley County.

Sometimes it's nice to have a Mall to shop in when the weather is bad. It would be nice if Martinsburg Mall had more stores but can't see that happening anytime too soon.

[Georgia]

Originally Posted by venture2000

The following is a link from the Dead Malls.com website. Someone posted an article on the mall back in 2005. Interesting background.

Dead Malls dot Com: Feature: Martinsburg Mall: Martinsburg, West Virginia

The one item that is pointed out here and continues to be an issue for Berkeley County is taxes. When you can go to Hagerstown (close for folks in the ever growing Falling Waters area) or Winchester (close for folks in Bunker Hill and Inwood) and have better selection with less sales tax, then why waste your time at Exit 12 and 13?

This was the same issue that befell Chatfield - Taylor with the Mills. The place was rockin' until Hagersbush moved forward with their stores off Exit 29 on 70.

Martinsburg itself is just a shell of what it used to be, a vibrant downtown and surrounding area. Granted, the population was half of what it is today, however it had identity, values, and most of all pride in it's surroundings. Many natives are gone and today it is just a bedroom community for DC commuters, that and the vibrant drug trade anyone can see driving through downtown from King to Burke and outwards on Queen during the day or night.

Some folks do still work hard to make the town a jewel (it is and still should be with history alone) but with the constant brick wall of State (Charleston) requirements and dictates along with cronyism at the local level they have my sympathy.

[nccolt60]

Originally Posted by Georgia

The one item that is pointed out here and continues to be an issue for Berkeley County is taxes. When you can go to Hagerstown (close for folks in the ever growing Falling Waters area) or Winchester (close for folks in Bunker Hill and Inwood) and have better selection with less sales tax, then why waste your time at Exit 12 and 13?

This was the same issue that befell Chatfield - Taylor with the Mills. The place was rockin' until Hagersbush moved forward with their stores off Exit 29 on 70.

Martinsburg itself is just a shell of what it used to be, a vibrant downtown and surrounding area. Granted, the population was half of what it is today, however it had identity, values, and most of all pride in it's surroundings. Many natives are gone and today it is just a bedroom community for DC commuters, that and the vibrant drug trade anyone can see driving through downtown from King to Burke and outwards on Queen during the day or night.

Some folks do still work hard to make the town a jewel (it is and still should be with history alone) but with the constant brick wall of State (Charleston) requirements and dictates along with cronyism at the local level they have my sympathy.

Isn't sales tax the same in WV, MD, and VA? Aren't they all 6%?