Marley Station Mall is an enclosed shopping mall in Glen Burnie, Maryland. Opened in 1987, it was expanded in 1993 and 1997. The mall includes J.C. Penney, Macy's , Golds Gym and Sears as its anchor stores. The mall has 4 anchors and 100 stores on 2 floors. In 2016 Marley Station was sold to G.L. Harris for $22.7 million.
Video Marley Station
History
Taubman Centers built Marley Station in 1987. At the time, it included two anchor stores: Hecht's and Macy's. Taubman expanded the mall in 1993 with a third anchor, J.C. Penney, which was the most-requested store among mall patrons at the time. Sears was added in 1996 as a fourth anchor. This store replaced an existing Sears in Glen Burnie which was built in the 1960s.
In 2006, Macy's relocated to the Hecht's building when Macy's parent company bought that of Hecht's and sold its original location to Boscov's. Boscov's operated out of the former Macy's for only two years, closing the store in 2008 as part of the chain's bankruptcy proceedings. It was reported in 2012 that a 300,000-square-foot data center would open in the former department store.
Taubman sold the mall to Mills Corporation, later part of Simon Property Group, in 2004. The Woodmont Company of Dallas/Fort Worth was appointed as the receiver to manage and lease Marley Station in March 2013 until Bank of America settles a loan dispute with Simon Property Group or forecloses.
In January 2012, AiNET purchased the largest single building at Marley Station mall, the former Boscov's space, to operate the CyberNAP data center. Unlike the rest of the mall, the AiNET space is three-stories. At capacity, AiNET expects $1 billion in economic activity and 2,500 jobs at CyberNAP.
In June 2013, AiNET (owner of CyberNAP) expressed an interest in buying all the properties to expand the data center throughout the mall. However, the mall's manager, The Woodmont Co., said there are no plans to sell or close down, but rather, "We are working to increase current occupancy by both retaining existing tenants as their leases renew and by leasing current vacancies."
At the start of 2012, Marley Station had a vacancy rate of 44%, up from 33% a year earlier. In June 2013 a spokeswoman for Woodmont said the occupancy rate at the mall was close to 85%.
The mall was listed on a real estate web site as being up for auction on September 25, 2013.
An eight-screen movie theatre, originally operated by United Artists Theatres, opened on June 5, 1987 near the mall's food court. The Movies at Marley Station were later run by Regal Entertainment Group, which had acquired UA. On February 20, 2014, the theater closed its doors after nearly 27 years of service without notice. Two months later mall management announced that the theatres would be renovated and reopened in summer 2014. On June 20 Horizon Cinemas opened four theaters--with four more to follow later--featuring all new 3-D digital projectors, a new lobby with digital signage and upgraded concessions, updated bathrooms and roomier seating.
Maps Marley Station
Recent Updates
Moody's rates the mall's debt. As of the 2015 report, the mall has near term rollover risk and is advising investors to expect 70% losses on their investment. As of the 2016 report, the mall is now 29% of the remaining fund and all classes of debt are rated as below investment grade or in default. The mall's occupancy is reported as under 75%.
During the same period, the mall was appraised for $39.8 million of the original $114.4M loan--in total there is now a $88.7M difference between the appraisal and the total amount due on the loan.
Aeropostale as part of its bankruptcy has announced it will close its store at Marley Station Mall in 2016.
In the most recent appraisal Feb 2016, the mall's appraised value dropped to $31.5M (-22.4%).
Marley Station is listed for auction on the Ten-X website with a starting price of $5,000,000. The mall ownership rebuffed an earlier $10,000,000 offer by AiNET's Deepak Jain.
In an auction ended on October 19, 2016, Marley Station was sold by LNR Properties LLC to G.L. Harris for a price revealed after closing on December 20, 2016, to be $22.7 million. LNR Properties bought the property from TKL East in 2014. TKL East obtained it through foreclosure from original owner Simon Property Group. The mall's vacancy rate was reported in January 2017 to be just over 2%.
References
External links
- Dead Mall Series
- Marley Station Mall web site
- Property Detail Information at The Woodmont Company web site
Source of the article : Wikipedia
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