Rouse Properties Executes Three Leases with Grimaldi’s Pizzeria
Company Release – 3/18/2015
Award-Winning National Restaurant Chain to Open First Locations in Michigan, Virginia and Alabama
NEW YORK–(BUSINESS WIRE)– Rouse Properties, Inc. (NYSE:RSE) (“Rouse”), a leading owner of regional malls, announced that it has executed lease agreements with Grimaldi’s Pizzeria (“Grimaldi’s”), an award-winning national restaurant chain, to open at three of its malls in late 2015: Southland Center in Taylor, Michigan; Chesterfield Towne Center in Richmond, Virginia; and Bel Air in Mobile, Alabama. The locations, which will collectively occupy more than 12,000 square feet of prime retail space, will mark Grimaldi’s entry into each state.
“Grimaldi’s is one of the most recognized pizza restaurants in the country and we are thrilled to bring this experience and these first-to-state locations to three of our malls in Michigan, Virginia and Alabama. This is our fourth transaction with this company. We are excited about their opening at the newly renovated Mall St. Vincent in Shreveport, Louisiana later this month,” said Brian Harper, Executive Vice President of Leasing & Acquisitions for Rouse Properties. “These leases demonstrate our continued focus to provide our customers with a wide mix of category leading restaurant and entertainment offerings within our malls in an effort to expand the frequency and duration of shopping visits.”
Among 2014’s top 50 fastest growing small restaurant chains in the county as ranked by Restaurant Business, Grimaldi’s specializes in serving thin-crust pizza and calzones baked to perfection in its signature coal burning ovens. The over 100-year-old chain currently operates 38 restaurants across nine different states, including a location at Rouse’s Mall St. Vincent in Shreveport, Louisiana. “We are pleased to continue to grow and strengthen our partnership with Rouse Properties, one of the most exceptional mall owners in the United States,” stated Joe Ciolli, Chief Executive Officer of Grimaldi’s Pizzeria. “Rouse Properties is unique in their unwavering commitment to their retailers and restaurants, allowing us to further grow and innovate our business. We carefully choose our partners and Rouse Properties has proven to be integral to our long term growth model, supplying us with excellent site locations and unwavering support of our business goals.”
As previously announced, Cinemark’s 12-screen, all-digital NextGen theater and XD auditorium with fully reclining, leather loungers is opening later this year. Grimaldi’s will be located in an exterior location next to the theater and will be adjacent to two other restaurants that will provide an unparalleled dining experience. Rouse has leased over 100,000 square feet of new tenants including H&M and Zumiez to open in 2015 and Francesca’s and ULTA Beauty which opened in 2014. To complement the strong leasing momentum at the property, Rouse has commenced an interior cosmetic renovation that entails the addition of new flooring and lighting, enhanced signage and soft seating. Southland Center’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.
At Chesterfield Towne Center, Grimaldi’s will be one of the new restaurants to be located in the new exterior restaurant pavilion, which Rouse is introducing to upgrade the quality of the dining experience in the South Richmond market. The pavilion will have new exterior hardscape, lush landscaping and an outdoor fireplace. Rouse also anticipates commencing an extensive interior renovation that will include features such as an interior fireplace, new soft seating and new accent lighting throughout the mall. Grimaldi’s joins over 30,400 square feet of new tenants including H&M, Journeys Kidz and Nestle Café that have signed leases since Rouse acquired the mall in 2013. In addition, Hollister, Justice and Finks Jewelers (Regional Rolex store) have completed renovations or expansions which significantly upgraded the appearance and quality of their stores.
Grimaldi’s is the first high-volume restaurant brand Rouse has announced since acquiring Bel Air Mall in 2014. The addition of Grimaldi’s further enhances Bel Air’s already diverse mix of category leading dining options. Featuring an unparalleled tenant lineup consisting of over 130 retailers, Bel Air Mall is the only enclosed regional mall within a 60-mile radius and serves an expansive trade area of more than 570,000 people across southern Alabama, Mississippi, and the Florida Panhandle.
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 22 states encompassing over 25.5 million square feet of retail space. For more information, visitwww.rouseproperties.com.
Source: Rouse Properties