News & Press Releases
MADISON MARQUETTE ASSUMES OPERATING CONTROL OF GRANITE RUN MALL
PHILADEPHIA, PA (April 1st, 2011) – Madison Marquette announced today that it has assumed management and leasing responsibility for Granite Run Mall, a one million square foot regional mall in Media, Pennsylvania.
“Granite Run is a well-situated property in the suburbs of Philadelphia,” said John-david W. Franklin, Senior Vice President of Madison Marquette. “Our goal is to stabilize the mall by leasing vacant space and improving its operating efficiency.” A number of capital improvements are planned immediately, including enhanced lighting, landscaping, parking lots and walkways.
The 2-level mall is anchored by Sears, Boscov’s, JCPenney, Kohl’s, an AMC Theatre and an Acme Superstore. The trade area includes close to 450,000 people with an average household income of approximately $80,000.
Madison Marquette recently assumed management of EagleRidge Mall in Lake Wales, Florida, a 625,000 square foot mall. After assuming control in November 2010, the company leased half of the vacant space by year end.
“We will aggressively pursue opportunities to lease vacant space at Granite Run and expect to create lasting value,” said Michael Giovanni, Leasing Representative of Madison Marquette.
Madison Marquette leases and/or manages over 2 million square feet of retail in the Philadelphia area. Its regional portfolio includes leasing for Glen Eagle Square, a 150,000 square foot lifestyle Center in Chadds Ford, where the company just secured a lease with Whole Foods.
The company will soon be named among the nation’s top 5 fastest growing retail property acquirers and third party property managers by Chain Store Age, a trade magazine that will announces its 2010 survey findings in its upcoming April/May issue. The distinction follows a dramatic increase in both areas, including 1.3 million square feet of new acquisitions and 4.1 million square feet of new third party management assignments in 2010.
ABOUT MADISON MARQUETTE Madison Marquette is a Washington, D.C.-based investor, developer and operator of retail and retail mixed-use real estate throughout the United States. The company specializes in creating unique retail destinations that respond best to consumer preferences. With regional offices in Seattle, Los Angeles, San Francisco, San Diego, Fort Lauderdale, Philadelphia, New York and Charlotte. Madison Marquette seeks investment opportunities in growing markets. The company maintains a sophisticated in-house operating capability and oversees 18 million square feet of retail real estate. This diverse national portfolio includes many properties that Madison Marquette manages and leases on behalf of third-party owners. For more information about the company, please visit http://www.madisonmarquette.com.
Attachments
GranitePressRelease.pdf
