Displaying items by tag: Pennsylvania Real Estate Investment Trust
As national trends show a rapid decline in the value of shopping malls, West Michigan commercial real estate experts are most worried about the fate of RiverTown Crossings in Grandville.
Here is the MiBiz Growth Report for November 8, 2020.
GRAND RAPIDS — Woodland Mall owner Pennsylvania Real Estate Investment Trust (PREIT) has filed for Chapter 11 bankruptcy as mall tenants across the company’s portfolio have struggled to pay rent during the COVID-19 pandemic.
GRAND RAPIDS — Woodland Mall is inviting shoppers to “rediscover” the center after its $100 million redevelopment, which has paved the way for a wave of new retailers.
With the retail sector undergoing seismic shifts to its traditional bricks-and-mortar business model, large malls and shopping centers continue to seek out new ways to remain relevant in the future.
The retail real estate sector could be on the verge of a major upheaval, beyond the near steady stream of headlines about brick-and-mortar store closures and bankruptcies in recent weeks.
GRAND RAPIDS — Two stalwart West Michigan retailers are closing up shop, opening up valuable real estate at a time when space is at a premium in the region.
The ongoing build out of a new Apple Inc. store at Woodland Mall in Grand Rapids makes for just one of many changes at the region’s oldest enclosed shopping center.