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I am guessing that Belk saw what happened with the JC Penney at North Hills (it did quite well in spite of the chain's overall lackluster performance), sees the writing on the wall that the CTC redevelopment will be a big deal, and wants to get on that train.
Well, part of the reason it did well at North Hills, is that they had a crazy good lease deal. But yeah a decent department store in a mall that gets redeveloped well can definitely do well.
Reviving this thread with a couple of tidbits...looks like approvals for the Belk revamp and parking lot configuration I mentioned back in June have been received so they're moving forward with that.
As I also mentioned back then, they're looking to add a handful of small stores along the south side of Belk. They've submitted some plans to the town, but they need some revisions and resubmittal, so not approved yet.
Interestingly, the plans reveal that the new name for the revitalized CTC will be Carolina Yards...don't think I've seen that anywhere before.
Stock yards or trains come to mind. Cary definitely doesn't have stock yards and, although the train comes through, I wouldn't say it has a train yard.
Well, part of the reason it did well at North Hills, is that they had a crazy good lease deal. But yeah a decent department store in a mall that gets redeveloped well can definitely do well.
JCP pulling up roots there is a tragedy - the place is rife with (for me) useless boutiques, at least JCP had stuff I could get.
So what's the story with that space - going to more apartments?
JCP pulling up roots there is a tragedy - the place is rife with (for me) useless boutiques, at least JCP had stuff I could get.
So what's the story with that space - going to more apartments?
They didn’t pull up really. They forgot to submit their required renewal of their crazy good lease one year and that gave the landlord the right to raise it to market rates. Evidently that alone was a few percent of JCPs entire earnings as a company.
Belk's new private-equity owners seem to have a pretty realistic view of the business they've bought. Some other department stores are taking a very hard line with protecting their short-term interests, at the expense of the property's long-term survival.
In other CTC news, manager and former owner CBL appears to finally be headed towards a bankruptcy filing, but the road ahead is very messy since many of its lenders still haven't signed off on the plan yet. I'm very glad that their hand was forced on selling CTC before this process: one condition the bondholders have insisted upon is that CBL can't spend any money on capital expenditures for years to come.
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