Kitsap Mall

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Kitsap Mall
Kitsap Mall Logo.png
Logo of Kitsap Mall since mid-2010s
Kitsap Mall
Location Silverdale, Washington, United States
Coordinates 47°39′27″N122°41′26″W / 47.65750°N 122.69056°W / 47.65750; -122.69056 Coordinates: 47°39′27″N122°41′26″W / 47.65750°N 122.69056°W / 47.65750; -122.69056
Opening dateAugust 1, 1985
DeveloperThe Winmar Company [1]
Management Jones Lang LaSalle [2]
Owner U.S. Bank
No. of stores and services110
No. of anchor tenants 7 (6 open, 1 vacant)
Total retail floor area 848,161 sq ft (78,796.7 m2) [3]
No. of floors1
Website shopkitsapmall.com

Kitsap Mall is an indoor shopping mall in Silverdale, Washington, United States. Its anchor tenants include JCPenney, Macy's, Dick's Sporting Goods, Kohl's, Barnes & Noble, and Cost Plus World Market with a vacant space last occupied by Sears; it has 110 retail stores total. The mall is owned by Kitsap Mall LLC and managed by Jones Lang LaSalle.

Contents

History

After many years of planning, Kitsap Mall opened on August 1, 1985. [4] As a result, the retail core of Kitsap County was shifted from Bremerton, Washington to the Silverdale area. The mall's original anchors were Lamonts, Sears, and The Bon Marché. In the coming decades, and after much success, Kitsap Mall nearly doubled in size, adding Mervyns on March 4, 1988, followed by JCPenney in 1989. [5] [6] The Bon Marché was expanded to the east in 1993, nearly doubling its size. Meanwhile, Sears also underwent an expansion, as a result of establishing its standalone HomeLife furniture branch north of the mall in 1994 near the planned Bon Marché Furniture Gallery next to the NorthPoint at Kitsap strip mall, a satellite shopping center developed by Winmar. [7] [8] [9]

In September 2000, Lamonts became Gottschalks after the latter's acquisition of the former in a bankruptcy sale earlier that year. [10] The Bon Marché was re-branded under the Macy's name plate, first as Bon-Macy's in 2003, becoming Macy's in 2005. [11] In 2006, Kitsap Mall received a big change as Gottschalks closed down. [12] The building which housed Gottschalks was torn down and replaced by a new building, which now houses Barnes & Noble and Cost Plus World Market. [13] In 2007, Mervyns closed its Silverdale location, a precursor to the chain's eventual demise in the coming year. It has since been replaced by a new building for Kohl's, which opened on November 11, 2007. [14] 2008 featured the opening of the region's first Hollister store in November, replacing the former Disney Store. [15] Remodelling of the mall's façade and interior was performed in 2011 through 2012.

In June 2013, Kitsap Mall and its surrounding properties (NorthPoint at Kitsap, Kitsap Place) were bought by Starwood Capital Group from Macerich for around $127 million, of which nearly $77 million was from a loan taken from the Royal Bank of Scotland. [16] Revitalization of the mall soon followed, with the addition of Buffalo Wild Wings to the dormant food court, a relocated Victoria's Secret coinciding with the debut of its PINK store, and a newly-built H&M throughout 2015. [17] [18] [19] [20] Dick's Sporting Goods was added as an anchor store in 2016. [21]

On August 22, 2019, it was reported that Sears would be closing its store and auto center at Kitsap Mall following the recent sale of its property. The closure came as a surprise, an unannounced addition to a simultaneous round of store closings in Washington state and nationwide. The store closed on October 20, 2019 after nearly 35 years at the mall. [22] [23]

On May 26, 2021, it was reported that the Kitsap Mall would be sold at a foreclosure auction on August 27 of that year. The original satellite properties, NorthPoint and Kitsap Place, were divested of earlier in the year, preceding the mall's foreclosure. [16] On the day of the planned auction, the auctioneer announced that it would be postponed to September 24. [24] Following the delay, the Kitsap County Assessor appraised the property at $34.5 million against a debt of $74.56 million. [25]

U.S. Bank, which held the loan defaulted on by the owner of the Kitsap Mall, will gain ownership after it was the sole bidder at the mall's foreclosure auction on December 17, 2021. [26]

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References

  1. ↑ Castañeda, Elena (December 2, 1998). "SILVERDALE: Mall may change ownership". Kitsap Sun . E.W. Scripps Company . Retrieved February 20, 2020.
  2. ↑ "Kitsap Mall, 10315 Silverdale Way NW". JLL. Jones Lang LaSalle IP, Inc. Retrieved 19 December 2021.
  3. ↑ https://www.sec.gov/Archives/edgar/data/912242/000104746907001438/a2175451z10-k.htm [ bare URL ]
  4. ↑ Castañeda, Elena (August 1, 1995). "KITSAP MALL TURNS 10". Kitsap Sun. E.W. Scripps Company. Retrieved February 20, 2020.
  5. ↑ Steagall, Larry (October 11, 2021). "From the film archives of the Bremerton Sun: 1988". Kitsap Sun . Gannett . Retrieved December 19, 2021.
  6. ↑ Farley, Josh (December 24, 2016). "The day Zsa Zsa came to Bremerton". Kitsap Sun . Gannett . Retrieved December 19, 2021.
  7. ↑ Swanson, Jack (13 October 1992). "Bon Marche plans furniture outlet". Kitsap Sun . E. W. Scripps Company . Retrieved 19 December 2021.
  8. ↑ Swanson, Jack (April 21, 1993). "Silferdale Sears: Retail chain to open furniture outlet near mall". Kitsap Sun . E. W. Scripps Company . Retrieved December 19, 2021.
  9. ↑ Swanson, Jack (June 12, 1994). "BUSINESS GLANCE". Kitsap Sun . E. W. Scripps Company . Retrieved December 20, 2021.
  10. ↑ Levesque, David (August 19, 2000). "GOTTSCHALKS DEPARTMENT STORE: A stylish debut". Kitsap Sun . E. W. Scripps Company . Retrieved December 20, 2021.
  11. ↑ Jung, Helen (May 23, 2003). "The name's Bon -- Bon-Macy's". Kitsap Sun . E. W. Scripps Company. Associated Press . Retrieved December 20, 2021.
  12. ↑ Gardner, Steven (March 3, 2006). "Mall Not Worried Over Loss of Anchor Retailers". Kitsap Sun . Gannett . Retrieved December 19, 2021.
  13. ↑ Grimley, Brynn (November 2, 2006). "Hundreds Flood World Market Opening at Kitsap Mall". Kitsap Sun . E. W. Scripps Company . Retrieved December 20, 2021.
  14. ↑ Brant, Rachel (June 11, 2008). "Kohl's opens with record numbers". Central Kitsap Reporter. E. W. Scripps Company . Retrieved 20 December 2021.
  15. ↑ Brant, Rachel (August 22, 2008). "Hollister to give clothing trend setters reason to rejoice". Central Kitsap Reporter. E. W. Scripps Company . Retrieved 20 December 2021.
  16. 1 2 Miller, Brian (May 26, 2021). "Kitsap Mall bound for foreclosure". Seattle Daily Journal of Commerce . Retrieved August 23, 2021.
  17. ↑ "Buffalo Wild Wings opening Feb. 9 in Silverdale". Central Kitsap Reporter. E. W. Scripps Company. January 22, 2015. Retrieved December 20, 2021.
  18. ↑ "New Victoria's Secret store celebrates opening". Central Kitsap Reporter. Journal Media Group. May 30, 2015. Retrieved 20 December 2021.
  19. ↑ "Victoria's Secret PINK store to open at Kitsap Mall May 30". Central Kitsap Reporter. Journal Media Group. May 28, 2015. Retrieved December 20, 2021.
  20. ↑ Tucker, Chris (December 17, 2015). "Clothing store H&M opens at Kitsap Mall". Central Kitsap Reporter. Journal Media Group . Retrieved 20 December 2021.
  21. ↑ Beahm, Michelle (October 6, 2016). "DICK'S Sporting Goods opens its doors". Central Kitsap Reporter. Gannett . Retrieved December 20, 2021.
  22. ↑ Tyko, Kelly (August 31, 2019). "Kmart, Sears store closings: More locations to shutter by end of 2019". USA Today . Retrieved August 31, 2019.
  23. ↑ Macalus, Austen (22 August 2019). "Sears in Kitsap Mall signals an impending shutdown". Kitsap Sun . Gannett . Retrieved 19 December 2021.
  24. ↑ Lin, Peiyu (August 27, 2021). "Kitsap Mall foreclosure auction gets postponed". Kitsap Sun . Retrieved October 19, 2021.
  25. ↑ "Kitsap Mall in Washington State Gets Hammered in Latest Appraisal". Commercial Real Estate Direct. Trepp. October 1, 2021. Retrieved October 19, 2021.
  26. ↑ Lin, Peiyu (18 December 2021). "U.S. Bank is the sole Kitsap Mall bidder at foreclosure auction". Kitsap Sun . Gannett. Retrieved 19 December 2021.
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