{"id":1004738808,"date":"2024-11-27T00:48:03","date_gmt":"2024-11-27T08:48:03","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004738808"},"modified":"2024-11-27T02:09:12","modified_gmt":"2024-11-27T10:09:12","slug":"preit-gets-80m-for-michigan-shopping-mall","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/preit-gets-80m-for-michigan-shopping-mall\/","title":{"rendered":"PREIT Gets $80M for Michigan Shopping Mall"},"content":{"rendered":"\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-full is-resized\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/11\/Woodland_header-e1732631022380.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"428\" height=\"322\" data-attachment-id=\"1004738809\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/preit-gets-80m-for-michigan-shopping-mall\/woodland_header\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/11\/Woodland_header-e1732631022380.jpg\" data-orig-size=\"428,322\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Woodland_header\" data-image-description=\"&lt;p&gt;Woodland Mall. Image courtesy of PREIT&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Woodland Mall. Image courtesy of PREIT&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/11\/Woodland_header-e1732631022380.jpg?w=428\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/11\/Woodland_header-e1732631022380.jpg\" alt=\"Interior shot of several stores at Woodland Mall in Grand Rapids, Mich.\" class=\"wp-image-1004738809\" style=\"width:400px;height:auto\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/11\/Woodland_header-e1732631022380.jpg 428w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/11\/Woodland_header-e1732631022380.jpg?resize=300,226 300w\" sizes=\"auto, (max-width: 428px) 100vw, 428px\" \/><\/a><figcaption class=\"wp-element-caption\">Woodland Mall features more than 100 regional and national retailers. <em>Image courtesy of PREIT<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>PREIT has obtained $80 million to refinance Woodland Mall, a 1.2 million-square-foot shopping mall in Grand Rapids, Mich. Starwood Capital originated the loan, according to CommercialEdge information. <\/p>\n\n\n\n<p>The note has a fixed 7.35 percent interest rate over five years. The JLL-arranged transaction will save the company roughly $5 million in interest expenses.<\/p>\n\n\n\n<p>The property&#8217;s previous debt was a $130 million loan originated by U.S. Bank in 2016, the same source shows. Five years later, the lender agreed to amend and restate the note. <\/p>\n\n\n\n<p>Then, in 2023, the mortgage was modified twice. The final amendment moved its maturity date to November 2024 with an additional option to extend through May 2025.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-a-closer-look-at-the-super-regional-mall\">A closer look at the super-regional mall<\/h2>\n\n\n\n<p>Woodland Mall came online in 1969 on some 61 acres. In the late 1990s the property underwent several renovations including new flooring and curves to the ceiling throughout the mall, and new lighting and decor. PREIT acquired the asset in 2006 for $177.4 million and started redeveloping it prior to the pandemic. <\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO:<\/strong> <a href=\"https:\/\/www.commercialsearch.com\/news\/the-next-star-of-post-pandemic-recovery\/\">Retail\u2019s Post-Pandemic Recovery<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p>In 2017, Sears closed the 313,000-square-foot store that anchored the property. The structure was demolished and replaced with an expansion wing that includes a nearly 90,000-square-foot Von Maur store, the retailer&#8217;s first West Michigan location.<\/p>\n\n\n\n<p>Apart from Von Maur, <a href=\"https:\/\/www.commercialsearch.com\/news\/preits-ceo-on-the-rebirth-of-malls\/\">the shopping mall <\/a>now features more than 100 regional and national retailers such as JCPenney, Macy\u2019s, Phoenix Theaters, Barnes &amp; Noble, MAC, Apple, Lego, Claire\u2019s, Forever 21, Game Stop, Lush, Starbucks, Pandora, Sephora, Urban Outfitters, The Cheesecake Factory and Spencer\u2019s, among others.<\/p>\n\n\n\n<p>Located at 3195 28th St. SE, Woodland Mall is in an area where the daily traffic count reaches approximately 85,000 vehicles, according to PREIT. The super-regional mall attracts shoppers from a 60-mile area and serves households with the average income of more than $100,000 within a 15-mile radius.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Starwood Capital provided the refinancing.<\/p>\n","protected":false},"author":3014,"featured_media":1004738809,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21825,13,21742,21749],"tags":[32796,33548,52024,33231],"class_list":["post-1004738808","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","category-midwest","category-latest","category-retail","tag-jll","tag-preit","tag-starwood-capital","tag-u-s-bank"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>PREIT Gets $80M for Michigan Shopping Mall - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"PREIT refinanced Woodland Mall, a shopping mall in Grand Rapids, Mich., with an $80 million mortgage from Starwood Capital.\" \/>\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\/preit-gets-80m-for-michigan-shopping-mall\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"PREIT Gets $80M for Michigan Shopping Mall\" \/>\n<meta property=\"og:description\" content=\"PREIT refinanced Woodland Mall, a shopping mall in Grand Rapids, Mich., with an $80 million mortgage from Starwood Capital.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/preit-gets-80m-for-michigan-shopping-mall\/\" \/>\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=\"2024-11-27T08:48:03+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-11-27T10:09:12+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/11\/Woodland_header-e1732631022380.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"428\" \/>\n\t<meta property=\"og:image:height\" content=\"322\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Diana Firtea\" \/>\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\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/preit-gets-80m-for-michigan-shopping-mall\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/preit-gets-80m-for-michigan-shopping-mall\/\",\"name\":\"PREIT Gets $80M for Michigan Shopping Mall - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/preit-gets-80m-for-michigan-shopping-mall\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/preit-gets-80m-for-michigan-shopping-mall\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/11\/Woodland_header-e1732631022380.jpg\",\"datePublished\":\"2024-11-27T08:48:03+00:00\",\"dateModified\":\"2024-11-27T10:09:12+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/a0c04b9de1387474e28c9ebdb0444e59\"},\"description\":\"PREIT refinanced Woodland Mall, a shopping mall in Grand Rapids, Mich., with an $80 million mortgage from Starwood Capital.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/preit-gets-80m-for-michigan-shopping-mall\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/preit-gets-80m-for-michigan-shopping-mall\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/preit-gets-80m-for-michigan-shopping-mall\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/11\/Woodland_header-e1732631022380.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/11\/Woodland_header-e1732631022380.jpg\",\"width\":428,\"height\":322,\"caption\":\"Woodland Mall. 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