Change continues to take hold at Broadway Mall in Hicksville, following the recent opening of several new stores there. Last week, an Atlanta-based real-estate company announced that it has acquired the mall.
Gregory Greenfield & Associates, Ltd. ("GG&A"), a retail real estate advisory and development firm, acquired the mall late last month. Previously, the mall had been owned and managed by Chicago-based General Growth Properties, Inc.
The 1.1 million-square foot regional mall is anchored by Macy's (formerly Stern's), JC Penney and IKEA (the Swedish furniture and home furnishings retailer). It also features over 100 specialty stores and a 12-screen, two-level movie theater.
In April, two new clothing stores were added to the mall - H&M, a Swedish-owned store offering apparel for men, women and children, and Charlotte Russe, offering trendy apparel for women. This followed the opening of J.C. Penney as a new anchor at the mall, last year.
"We are very enthusiastic about this acquisition. Broadway Mall is an outstanding property that is only going to get better. We intend to build upon the many recent positive developments at the mall, including the opening of the new H&M store and the ongoing conversion of Stern's to Macy's," commented Greg Greenfield, president of GG&A. "Our goal is to continue to attract exciting new tenants who will help the mall offer an even broader selection of merchandise and services."
According to GG&A representatives, the acquisition was completed in the name of Broadway Mall Partners, L.P., a partnership of private investors assembled by The Margolick Financial Group of Farmington Hills, Michigan. GG&A also announced that it has hired Jones Lang LaSalle, a real estate services company, to serve as its management and leasing agent at Broadway Mall. Jones Lang LaSalle currently manages 50 retail properties, comprising over 40 million square feet.
GG&A is a partnership whose principals were most recently senior executives of Compass Retail, Inc., formerly one of the nation's leading regional mall management, development and leasing organizations. Since its inception in 1998, the company has acquired seven regional malls and two specialty stores, comprising a total of approximately 4.5 million square feet. The company is also involved in a retail development project in Tallahassee, Florida.