Bel Air mall sold to Rouse Properties (Mobile, Centre: real estate, 2014)

[MPC]

I just read today that the Bel Air mall was sold today for $135.2 million.
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Finally I’d like to address our continued success from sourcing and closing new acquisitions. This afternoon we announced that we are under contract to acquire Bel Air Mall, a 1.3 million square foot superregional mall located in Mobile, Alabama for $135.2 million. Built in 1967 and renovated in 2006. Bel Air is anchored by Belk, Dillards, Target, J.C. Penney, and Sears and features over 130 stores including such national retailers such as Victoria’s Secret, Bath & Body Works, Buckle, Forever21, Francesca’s and Foot Locker.

[bon_regis]

This could lead to stronger new-to-the-market retailers, like Cotton On and Coach. Interesting that Bel Air is being sold, while Jones Lang Lasalle has seemingly increased its presence in the area through investments. Many of the major shopping centers and developments along Airport Boulevard are manged by JLL.

[raj kapoor]

This is the result of Colonial Properties being sold and leaving the commercial real estate field.
Definitely a positive move for Bel Air and immediate area.

Raj

[bon_regis]

Im kind of glad Colonial exited the market. Their original developments, like Pelican Place, were bland and lackluster.

[PortCity]

Dang beat me to it! I hope this will be a positive move,Bel Air is dated but at the same time its very successful.

[MPC]

It'd be cool if Macy's and Apple came to the mall.

[bon_regis]

This may seem odd, but I see Apple taking over the former Blockbuster Video space at Pinebrook Shopping Center. It's about the size of some of their new, larger stores. Burton Property Group could successfully re-position the Spring Hill adjacent shopping center as a specialty center. A strip of lifestyle retailers between the hypothetical Apple Store and the forthcoming Whole Foods Market could actually be feasible.

[MPC]

Originally Posted by bon_regis

This may seem odd, but I see Apple taking over the former Blockbuster Video space at Pinebrook Shopping Center. It's about the size of some of their new, larger stores. Burton Property Group could successfully re-position the Spring Hill adjacent shopping center as a specialty center. A strip of lifestyle retailers between the hypothetical Apple Store and the forthcoming Whole Foods Market could actually be feasible.

I don't think we would ever see a Apple store in a shopping center. It'd have to be a mall or stand-alone building. Also, an Apple store right next to a supermarket? Doesn't make since to me but that's my opinion. Only way I see it not coming to the mall is because Apple wants them near Colleges & Universities.

[bon_regis]

Bel Air is a healthy mall and is definitely more stable than Eastern Shore Centre, but it currently lacks the space for an Apple store. I can see it going into the old Books-A-Million location, but then you would have a destination store not to far from a dumpy Sears.

[bhammaster]

Originally Posted by bon_regis

Bel Air is a healthy mall and is definitely more stable than Eastern Shore Centre, but it currently lacks the space for an Apple store. I can see it going into the old Books-A-Million location, but then you would have a destination store not to far from a dumpy Sears.

I agree with it taking the old BAM location.

Bel-Air needs get a another story added as Mobile grows.