Rouse Properties Executes Three H&M Leases at Key Strategic Properties
Company Release – 11/20/2014
Leasing Momentum Highlights Continued Success of Strategic Asset Redevelopment and Repositioning Initiatives
NEW YORK–(BUSINESS WIRE)– Rouse Properties, Inc. (NYSE:RSE) (“Rouse”), a leading owner of regional malls, today announced that it has executed lease agreements with global fashion retailer H&M to open at three of its malls in late 2015: NewPark Mall (“NewPark”) in Newark, California, Chesterfield Towne Center (“Chesterfield”) in Richmond, Virginia and Southland Center (“Southland”) in Taylor, Michigan. Collectively, the three H&M stores will occupy more than 71,000 square feet of prime retail space, further enhancing the improving merchandise-mix at each property.
“We continue to upgrade the retailer mix at our malls, which not only elevates each mall’s overall appeal to our customers, but enables us to attract stronger and more exciting retailers in the future,” said Andrew Silberfein, President and Chief Executive Officer of Rouse Properties. “The addition of a large format, game-changing retailer in H&M at three of our properties coupled with our extensive strategic and cosmetic capital investments continues to strengthen our ability to provide consumers with the most desired brands and improve our operating performance.”
At NewPark Mall, Rouse is underway with a multimillion dollar redevelopment project, which will dramatically transform NewPark into the East San Francisco Bay Area’s premier destination offering shopping, dining and entertainment. NewPark will be anchored by a 12-screen AMC theater featuring the only IMAX and AMC Prime theaters in the trade area, luxury stadium seating and upscale food and beverages. As part of the redevelopment, Rouse is adding a new 50,000 square foot restaurant pavilion that will feature two levels of indoor and outdoor patio seating, taking advantage of the favorable climate to provide an unparalleled dining experience within the trade area. Including H&M, Rouse has now executed more than 157,000 square feet in new leases since taking over NewPark’s operations in early 2012.
In the short timespan since acquiring Chesterfield Mall in December 2013, Rouse has already executed more than 30,400 square feet in new leases with prominent brands including H&M, Grimaldi’s Pizzeria, Journeys Kidz and Nestle Café and has secured key renovations with a number of retailers such as Hollister, Justice and Finks Jewelers (Regional Rolex store) significantly upgrading the appearance and quality of their stores. Rouse anticipates commencing an extensive interior renovation that will include such features as an interior fireplace, new soft seating and new accent lighting throughout the mall. In addition, Rouse will also be introducing a new restaurant pavilion to upgrade the quality of the dining experience found at the mall, with Grimaldi’s being the first newly announced tenant. The pavilion will have new exterior hardscape, lush landscaping and an outdoor fireplace.
At Southland Center, Rouse continues its impressive track record of upgrading and improving the retailer line-up. Rouse has added more than 102,700 square feet of new tenants, including H&M, Pink, Francesca’s, ULTA Beauty and Zumiez. In fall 2015, Cinemark will open a 12-screen, all-digital NextGen theater and XD auditorium with fully reclining, leather loungers. To further complement this leasing activity, Rouse has already commenced an interior cosmetic renovation to the mall, including the addition of new flooring and lighting, enhanced signage, soft seating and a new children’s play area. Southland’s two center courts will also be redesigned into shopping and dining concourses to drive foot traffic and serve as appealing gathering places for families and the local community.
About Rouse Properties
Rouse is a publicly traded real estate investment trust headquartered in New York City and was founded on a legacy of innovation and creativity. Among the country’s largest publicly traded regional mall owners, the Company’s geographically diverse portfolio spans the United States from coast to coast, and includes 36 malls in 23 states encompassing over 25.5 million square feet of retail space. For more information, visitwww.rouseproperties.com.
Source: Rouse Properties, Inc.