{"id":1004052021,"date":"2012-07-20T09:52:41","date_gmt":"2012-07-20T17:52:41","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=58341"},"modified":"2020-04-07T05:38:07","modified_gmt":"2020-04-07T13:38:07","slug":"eastland-mall-may-get-new-life","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/eastland-mall-may-get-new-life\/","title":{"rendered":"Eastland Mall May Get New Life"},"content":{"rendered":"<p>By Eliza Theiss, Associate Editor<\/p>\n<p>Eastland Mall, eastern Charlotte\u2019s once-reigning shopping mall, could once again become a revenue-generating property. According to a report by the<em> Charlotte Observer<\/em>, officials have put the purchase of Eastland on the city\u2019s immediate agenda with a reported $13.2 million price tag.<\/p>\n<p>If the city were to acquire the mall, it would do so to consolidate a property that at present has seven individual owners. That makes negotiations with potential new investors and developers difficult and time-consuming, whereas a single-owner type structure would simplify any and all processes.<\/p>\n<p>Walker Wells of Charlotte real estate firm Freeman, McClintock &amp; Wells is brokering the<a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2012\/07\/charlottests.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-58342\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2012\/07\/charlottests.jpg\" alt=\"\" width=\"300\" height=\"288\" \/><\/a> potential deal and has been successful in securing 81 acres of the Eastland property for sale. That\u2019s nine acres short of the total surface area and includes not only the main building but some outlying parcels and anchor stores as well.<\/p>\n<p>However, the deal has to close by the end of August, meaning the city needs to make a swift decision regarding Eastland\u2014something it has tried and failed to do in the past. In 2009, the city became interested in purchasing Eastland, offering $22.2 million for the site. Discord in the council regarding the price prevented the deal from closing, and $400,000 in option costs was lost.<\/p>\n<p>Known for purchasing distressed office and commercial properties, Houston-based Boxer Property acquired a part of the mall in 2010 for $2 million from Miami Beach-based LNR, promising a \u201cHispanic-themed\u201d redevelopment, according to <em>The Charlotte Observer<\/em>. That project never happened, even though Boxer claims it has tenants lined up. Nevertheless, Boxer will be shedding its interest in the property, if possible.<\/p>\n<p>Built in 1975, two-floor Eastland has over 1 million square feet of retail space and was at the center of Charlotte\u2019s eastern suburbs until the early 1990s. The property was said to have be worth $150 million a few years ago, but in 2010 it closed.<\/p>\n<p>The city of Charlotte has not released any information about the existence of parties interested in the Eastland site, but <em>Wsoctv.com<\/em> reported rumors regarding the city potentially redeveloping the site into a film studio\u2014complete with back lot and sound stage\u2014hoping to attract even more film productions to the Charlotte area.<\/p>\n<p><em>For more Charlotte market data, click <a href=\"https:\/\/www.multihousingnews.com\/news\/market-snapshot-employment-and-occupancy-expected-to-rise-in-charlotte-despite-bofa-job-cuts-3\" target=\"_blank\" rel=\"nofollow\">here.<\/a><\/em><\/p>\n<p><em>Charts courtesy of\u00a0<\/em><em><a href=\"https:\/\/www.marcusmillichap.com\" target=\"_blank\" rel=\"nofollow\">Marcus &amp; Millichap<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Eliza Theiss, Associate Editor Eastland Mall, eastern Charlotte&rsquo;s once-reigning shopping mall, could once again become a revenue-generating property. According to a report by the Charlotte Observer, officials have put the purchase of Eastland on the city&rsquo;s immediate agenda with a reported $13.2 million price tag. If the city were to acquire the mall, it [&#8230;]<\/p>\n","protected":false},"author":1269,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1582,21742],"tags":[39417,1815],"class_list":["post-1004052021","post","type-post","status-publish","format-standard","hentry","category-charlotte","category-latest","tag-charlotte","tag-national"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Eastland Mall May Get New Life - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/eastland-mall-may-get-new-life\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Eastland Mall May Get New Life\" \/>\n<meta property=\"og:description\" content=\"By Eliza Theiss, Associate Editor Eastland Mall, eastern Charlotte&rsquo;s once-reigning shopping mall, could once again become a revenue-generating property. According to a report by the Charlotte Observer, officials have put the purchase of Eastland on the city&rsquo;s immediate agenda with a reported $13.2 million price tag. If the city were to acquire the mall, it [...]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/eastland-mall-may-get-new-life\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2012-07-20T17:52:41+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-04-07T13:38:07+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2012\/07\/charlottests.jpg\" \/>\n<meta name=\"author\" content=\"the Editors of Commercial Property Executive\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/eastland-mall-may-get-new-life\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/eastland-mall-may-get-new-life\\\/\"},\"author\":{\"name\":\"the Editors of Commercial Property Executive\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/1b82b91678533ae5d40e3240086a42bb\"},\"headline\":\"Eastland Mall May Get New Life\",\"datePublished\":\"2012-07-20T17:52:41+00:00\",\"dateModified\":\"2020-04-07T13:38:07+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/eastland-mall-may-get-new-life\\\/\"},\"wordCount\":385,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/eastland-mall-may-get-new-life\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/synd.yardi.com\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2012\\\/07\\\/charlottests.jpg\",\"keywords\":[\"Charlotte\",\"National\"],\"articleSection\":[\"Charlotte\",\"News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/eastland-mall-may-get-new-life\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/eastland-mall-may-get-new-life\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/eastland-mall-may-get-new-life\\\/\",\"name\":\"Eastland Mall May Get New Life - 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