{"id":1004793263,"date":"2026-04-01T09:29:25","date_gmt":"2026-04-01T17:29:25","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004793263"},"modified":"2026-05-04T06:03:09","modified_gmt":"2026-05-04T14:03:09","slug":"new-lifelines-for-empty-anchors","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/new-lifelines-for-empty-anchors\/","title":{"rendered":"New Lifelines for Empty Anchors"},"content":{"rendered":"
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Cooper University\u2019s three-story, outpatient facility at Moorestown Mall in Southern New Jersey, which occupies a former Sears store. 
Photo courtesy of Cooper University<\/em><\/figcaption><\/figure><\/div>\n\n\n

We are witnessing the \u201cgreat mall sorting,\u201d the realignment of high-performing Class A malls that are thriving and investing in new strategies and the decline in B- and C-class malls. The reason for the reshuffling going is twofold. First, consumer preferences are changing, and, even at the best centers, large department store anchors are vacating their enormous spaces due to the shifts in shopping trends.<\/p>\n\n\n\n

Traditional anchor department stores are being transformed into enhanced dining and entertainment venues<\/a>\u2014like Dick’s House of Sports and Netflix House, mixed-use properties and alternative uses such as data centers, office campuses, industrial distribution hubs, college campuses, churches, light manufacturing facilities and indoor farms.<\/p>\n\n\n\n

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READ ALSO:<\/strong> Retail Traffic, Sales Rise Despite Turbulent Year<\/a><\/p>\n\n\n\n

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The redevelopment of anchor department stores in Class A malls, which continue to perform well, according to a recent Newmark report, might mean breaking them into smaller shops but some uses, such as outpatient facilities or a residential component, will devour large chunks of vacant retail.<\/p>\n\n\n\n

The value in meeting community needs<\/h2>\n\n\n\n

New uses for department stores are increasingly focused on neighborhood uses that create foot traffic for the entire center, including health-care facilities, grocers, fitness facilities or a post office or library.<\/p>\n\n\n\n

Health-care providers are increasingly attracted to these boxes because they provide large open spaces in prime locations near residential neighborhoods and ample parking, noted Sarah Cafaro, senior director for the capital markets group and net lease at Avison Young.<\/p>\n\n\n\n

In recent years, Cooper University opened a three-story, outpatient facility at Moorestown Mall in Southern New Jersey and the University of Rochester\u2019s opened a 330,000-square-foot ambulatory orthopedic campus at The MarketPlace Mall in Rochester, N.Y. Both facilities repositioned former Sears store spaces in ailing malls.<\/p>\n\n\n\n

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LIKE THIS CONTENT?<\/strong> Subscribe to the CPE Capital Markets Newsletter<\/a><\/p>\n\n\n\n

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And in the Chicago area, the UChicago Medicine AdventHealth Medical Group Primary Care at Woodridge and Advocate Health converted retail boxes\u2014a former Dominick\u2019s grocery store in Woodridge, Ill., and Barnes & Noble in Webster Place shopping center in Lincoln Park\u2014respectively, into outpatient centers.<\/p>\n\n\n\n

Health-care conversions like these often generate strong long-term value because medical tenants typically sign long leases and invest substantial capital into their spaces, said Peter Cangialosi, principal, health care for Lee & Associates of Illinois. As a result, these tenants can help stabilize older retail centers and create durable cash flow for property owners and, in many cases, improve both the stability and long-term valuation of the property, he noted. <\/p>\n\n\n\n

Grocery conversions are particularly valuable because grocers serve as powerful daily traffic drivers and will compress the cap rate on the broader center, according to Brian Finnegan, CEO of Brixmor Property Group: \u201cEntertainment, experiential and fitness uses also perform well because they generate supplemental traffic during evenings and weekends and increase customer dwell time across the center.\u201d<\/p>\n\n\n\n

The power of mixed-use<\/h2>\n\n\n
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6 Corners Lofts project in Chicago, an adaptive reuse of a beloved Art Deco Sears built in 1938, features 206 residential units atop a 394,000-square-foot Target store. The project was designed by MG2 architects and developed by Novak Development. Photo by John Boehm<\/figcaption><\/figure><\/div>\n\n\n

Currently, Simon Property Group is redeveloping a former Sears box at Brea Mall into a mixed-use annex that will include about 120,000 square feet of retail space and Life Time Fitness in an open-air streetscape setting that will host new retail and restaurants around outdoor public gathering and event spaces. The project also is adding 377 new residential units, creating a mixed-use, lifestyle environment with a built-in customer base, said Brandon Isner, head of U.S. retail research at Newmark. <\/p>\n\n\n\n

The company is doing a similar project, redeveloping a former Sears building into a multifamily tower, at Town Center at Boca Raton in Florida.  <\/p>\n\n\n\n

Retail, residential and office projects<\/a> such as these benefit from a mall\u2019s existing merchandising plan, providing established co-tenancy and amenities for occupants, Cafaro noted.<\/p>\n\n\n\n

Re-tenanting single- vs. multi-level boxes <\/h2>\n\n\n\n

Redevelopment strategies for single- and multiple-story department stores are very different, noted Scott Schnuckel, CBRE managing director of Americas. Anchors in single-story malls or strip centers are most likely to remain retail because the retail fundamentals are better than for indoor, multi-level mall anchors. \u201cThere’s less vacancy in the open air, strip center sector, and they often have wide enough frontage that splitting up the box is achievable to bring in multiple tenants,\u201d he said.<\/p>\n\n\n\n

Smaller retail boxes, like Dick\u2019s House of Sport, Hobby Lobby and fitness and grocery concepts, are backfilling department-store anchors. Isner noted that some mall owners are separating upper and lower department-store spaces for different retailers, like at Newport Centre in Jersey City, N.J., where Primark took the upper floor of a former department store, and Dick\u2019s House of Sport took the lower floor.<\/p>\n\n\n\n

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READ ALSO:<\/strong> Mixed-Use Malls and the 15-Minute Neighborhood<\/a><\/p>\n\n\n\n

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Large department store boxes typically have rents that are significantly below market, allowing landlords to make attractive incremental returns despite the capital needed to split the space into 25,000- to 30,000-square-foot spaces for grocery, off-price, fitness and entertainment uses, Finnegan noted.<\/p>\n\n\n\n

Brixmor re-merchandised former Sears and Kmart boxes with thriving retail tenants that created significant value. \u201cThese projects work because department store buildings typically offer large, flexible floor plans, abundant parking and visibility, multiple points of ingress and egress and the ability to introduce daily-needs anchors that lift small-shop sales throughout the center,\u201d he pointed out.<\/p>\n\n\n\n

When completed, Finnegan said, these and other conversions with smaller box spaces generate average incremental NOI yields of around 10 percent and uplift the entire center by improving merchandising and tenant credit, increasing foot traffic and elevating rents.<\/p>\n\n\n\n

Defunct anchors offer flexible reuse opportunities<\/h2>\n\n\n
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Barn Plaza, a strip mall in Doylestown, Pa., underwent a complete renovation and re-tenanting by Brixmor Property Group. The project converted a former Marshall\u2019s to a Whole Foods, which is next to Barnes and Noble, and replaced a former Applebee\u2019s with a new 7,000-square-foot multi-tenant, outparcel building.
Photo courtesy of Brixmor Property Group<\/em><\/figcaption><\/figure><\/div>\n\n\n

Former mall anchors, which have existing loading docks, open parking that can be used for staging and proximity to suburban customers, are particularly attractive for conversion to robotic fulfillment centers, such as the Amazon Fulfillment Center at the Randall Park Mall and the Whole Foods\/Amazon Micro-Fulfillment center at Southland Mall in Hayward, Calif.<\/p>\n\n\n\n

\u201cI’ve seen almost everything,\u201d said Schnuckel, noting that while some malls are being transformed into mini cities, industrial reuses are becoming common in B- and C-quality malls, especially in the middle of the country.<\/p>\n\n\n\n

For example, one mall owner back-filled an empty box in a mall with a light-manufacturing operation. \u201cThe most prohibitive thing is getting all the retailers that have approvals over something like that was a pretty big lift by that developer,\u201d Schnuckel said.<\/p>\n\n\n\n

The developer ended up doing a lot of refurbishment and remodeling of the rest of the property. The light industrial use was faced one direction, and everything else feels like an open air shopping center, facing the other direction.<\/p>\n\n\n\n

Challenges to redevelopment choices<\/h2>\n\n\n\n

Non-retail reuses for empty anchors, such as logistics, last-mile distribution facilities and data centers, are less prevalent since they require more approvals, zoning changes, intensive reinvestment and often do not complement the broader center.<\/p>\n\n\n\n

Schnuckel noted that multifamily or mixed-use conversions can be challenged by zoning constraints and high conversion costs, and office conversions are happening selectively due to rising fit-out costs.<\/p>\n\n\n\n

\u201cThese processes will likely take extra time and money,\u201d Isner noted.<\/p>\n\n\n\n

These projects also may encounter community opposition, especially when the shift is from retail to industrial, high-density residential or social service uses like homeless shelters, which raise concerns about increased traffic and noise and loss of the neighborhood\u2019s character.<\/p>\n\n\n\n

Deciding which replacement strategy will be successful can be daunting, but the bottom line is buyers, investors and developers are looking for uses with low-acquisition or capital-improvement cost, high stabilized cash flow or NOI, a low cap rate at exit, low market supply and high demand for that asset type, Cafaro noted.<\/p>\n\n\n\n

The success of replacements depends, Schnuckel said, on the local fundamentals: the asset\u2019s location, demographic, and community needs or support. He suggested that the fundamentals around financials are changing with the demand cycle, causing owners and retailers to respond to community needs such as housing and a desire for a mix of uses that creates town center-like environments.  <\/p>\n\n\n\n

What creates the most value for investors?<\/h2>\n\n\n
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Managed by Earl Enterprises, Topanga Social interior is a 55,000-square-foot hall at Westfield Topanga, an outdoor regional mall in L.A.’s Canoga Park neighborhood featuring 27 cuisines. The project was part of a $250 million redevelopment of a former Sears store. Rendering courtesy of AO Architects<\/em><\/figcaption><\/figure><\/div>\n\n\n

The answer to this question, noted Cafaro, is any conversion that maximizes stabilized net-operating income relative to the total cost and the conversion that trades at the lowest exit cap rate in that market. \u201cIn other words, the most lucrative redevelopment is simply that which maximizes value, in terms of NOI divided by the cap rate, relative to the developer\u2019s basis,\u201d she said. <\/p>\n\n\n\n

\u201cIn the last 5 years, we\u2019ve seen that often the most lucrative sales of mall anchors were sold for land value\/redevelopment plays. Based on the data among the most lucrative mall anchor sales, somewhere in the realm of 80-90 percent were part of a larger mixed-use\/redevelopment project.\u201d<\/p>\n\n\n\n

She attributed the higher price points to value, signaling bias in which investors are paying premium pricing for assets specifically because the sites are located in areas already deemed favorable for conversion by other developers.<\/p>\n\n\n\n

Lifestyle is a value-add<\/h2>\n\n\n\n

Adding multifamily rentals to a retail site opens up an entirely new stream of cash flow, while at the same time bringing what will likely be a new dedicated set of customers to the mall, noted Isner. <\/p>\n\n\n\n

And, for the most part, developing new multifamily housing is easier to finance than new retail development, given housing shortages and the ability to build vertically. \u201cIt also has the added value of what a mixed-use development can add, in terms of elevating quality of life for the residents,\u201d he noted.<\/p>\n\n\n\n

Multifamily projects deliver higher residential rents per square foot than retail, and health-care uses generate the most long-term, stable cashflow, said Cafaro, but she noted that retail re-tenanting in certain markets might deliver the highest short-term returns. <\/p>\n\n\n\n

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LIKE THIS CONTENT?<\/strong> What Will Power Retail’s Next Act in 2026<\/a><\/p>\n\n\n\n

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Lifestyle is an important part of the equation when choosing anchor replacements that create value in today\u2019s retail markets. Lifestyle is whatever the market needs that’s gonna drive the most value for that market, said Charles Cristella, managing director, national retail leasing at JLL. \u201cMalls need to become everything to everybody right now,\u201d he suggested. \u201cIt needs to be where you can eat, work, live and play.”<\/p>\n\n\n\n

\u201cChanging those mid-market malls to a daily-use shopping center\u2014having a grocer as part of your mall\u2014really increases the value of the overall shopping center for the investment,\u201c Cristella advised. \u201cWhen you bring in a supermarket, a fitness player and maybe some office, you increase the value dramatically because it\u2019s now part of that lifestyle market.\u201d<\/p>\n\n\n\n

Conversion challenges<\/h2>\n\n\n\n

While redeveloping big boxes into new uses usually is more cost-effective than new construction, these developers face a plethora of challenges, depending on the type of conversion. The biggest upfront challenge, noted Schnuckel, is the Reciprocal Easement Agreement, which is a legally binding contract, generally between property owners and anchor tenants, that governs land use, access, maintenance and operation to ensure legally separate parcels function as a single, cohesive project.<\/p>\n\n\n\n

\u201cIn large, well-occupied malls, the retailers want to make sure that the redevelopment is going to make sense for the property,\u201d Schnuckel said. \u201cI think, that most of them (landlords) face just getting to the point where they have the freedom to redevelop the space to the highest and best use.\u201d<\/p>\n\n\n\n

To convert anchor boxes to more lifestyle-oriented uses, Cristella stressed that mall owners must gain complete control over an asset, which means acquiring it. \u201cPurchase the department store, and you have control over the majority of the shopping center,\u201d he said<\/p>\n\n\n\n

Adaptive reuse challenges for designers<\/h2>\n\n\n\n

Adaptive mixed-use of retail boxes creates value for landlords, but these projects also require significant capital investment because of the common design challenges they pose. Jooyeol Oh, a principal in the global architectural firm MG2, noted that besides redesigning floor plate depths, elevators, staircases and window placements, all have to be reworked, as well as mechanical, electrical and plumbing systems, to transform the building for residential purposes.<\/p>\n\n\n\n

Oh was the lead architect on a recent project that converted<\/a> a beloved 1938 Art Deco Sears store and warehouse in Chicago to 6 Corners Lofts, a residential mixed-use project with 206 apartment units and a 394,000-square-foot Target store on the ground level. This project blends modern residential living and retail, while preserving, enhancing and amplifying the iconic Art Deco elements of the existing Sears store and warehouse.<\/p>\n\n\n\n

The project, however, presented a unique challenge. Oh pointed out that the solid, large, deep, rectangular retail floor plate had very few windows, which is not ideal for residential use. \u201cTo reflect the building\u2019s Art Deco inspiration, the construction team needed to create 163 new window openings across the second through fifth floors,\u201d he said, noting that cutting new windows proved to be a major challenge due to the structure\u2019s solid bones.<\/p>\n\n\n\n

Demolishing the concrete was far tougher than anticipated. \u201cA demolition ball weighing 8,000 pounds\u2014expected to break through with a single strike\u2014often required 10 powerful hits just to make a dent,\u201d Oh added, noting that the concrete continued to be resilient during saw cutting, wearing out blades four times faster than usual.<\/p>\n\n\n\n

\u201cHowever, this same durability turned out to be a structural advantage, allowing for the addition of a rooftop pool and lounge,\u201d he said.<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Shuttered department stores are creating challenges for mall owners\u2014and opportunities. <\/p>\n","protected":false},"author":3366,"featured_media":1004793985,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21808,21783,21742,21749,51037],"tags":[33022,34343,32796,32762,50999],"class_list":["post-1004793263","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-featured","category-investment","category-latest","category-retail","category-trends","tag-avison-young","tag-brixmor-property-group-inc","tag-jll","tag-lee-associates","tag-newmark"],"acf":[],"yoast_head":"\nNew Lifelines for Empty Anchors - 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\/new-lifelines-for-empty-anchors\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"New Lifelines for Empty Anchors\" \/>\n<meta property=\"og:description\" content=\"Shuttered department stores are creating challenges for mall owners\u2014and opportunities.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/new-lifelines-for-empty-anchors\/\" \/>\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=\"2026-04-01T17:29:25+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-05-04T14:03:09+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/04\/9-Cooper-University-Medical-facility.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"794\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Patricia Kirk\" \/>\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\/new-lifelines-for-empty-anchors\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/new-lifelines-for-empty-anchors\/\",\"name\":\"New Lifelines for Empty Anchors - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/new-lifelines-for-empty-anchors\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/new-lifelines-for-empty-anchors\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/04\/9-Cooper-University-Medical-facility.jpg\",\"datePublished\":\"2026-04-01T17:29:25+00:00\",\"dateModified\":\"2026-05-04T14:03:09+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/05b48368428f74203116fc96872e12d2\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/new-lifelines-for-empty-anchors\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/new-lifelines-for-empty-anchors\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/new-lifelines-for-empty-anchors\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/04\/9-Cooper-University-Medical-facility.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/04\/9-Cooper-University-Medical-facility.jpg\",\"width\":794,\"height\":620,\"caption\":\"Cooper University\u2019s three-story, outpatient facility at Moorestown Mall in Southern New Jersey, which occupies a former Sears store. 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