Marley Station Mall

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Marley Station Mall
Marley Station Mall logo. 2014-%3F.png
Marley Station Mall Center Court.png
Center court 1990s
Marley Station Mall
Location7900 Governor Ritchie Highway Glen Burnie, Maryland 21060
Coordinates 39°8′21″N76°36′21″W / 39.13917°N 76.60583°W / 39.13917; -76.60583
Opening dateFebruary 24, 1987;37 years ago (1987-02-24)
Developer Taubman Centers
ManagementThe Woodmont Company
Owner Namdar Realty Group
No. of stores and services45
No. of anchor tenants 6 (4 open, 2 vacant)
Total retail floor area 1,069,000 square feet (99,300 m2) [1]
No. of floors2 (3 in Macy's and former Boscov's)
Parking6 parking lots
Public transit accessAiga bus trans.svg MTA Maryland bus: 70
Website www.shopmarleystationmall.com

Marley Station Mall is an enclosed shopping mall in Glen Burnie, Maryland. Opened in 1987, it was expanded in 1994 and 1996. The mall has 130 stores on 2 floors, a movie theater, and 5 anchor spaces. JCPenney, Macy's, and Golds Gym serve as the mall's current anchor tenants. The other two anchor spaces were occupied by Boscov's until 2008, and Sears until 2021.

Contents

History

Taubman Centers completed Marley Station in 1987. [2] At the time, it included two anchor stores: Hecht's and Macy's. During construction in 1985 a body was discovered in a trash can on the site, which was not identified as Roger Kelso until 2019. [3] Taubman expanded the mall in 1994 with a third anchor, JCPenney, which was the most-requested store among mall patrons at the time. [4] Sears was added in 1996 as a fourth anchor. This store replaced an existing Sears in Glen Burnie which was built in the 1960s. [5]

In 2006, Macy's relocated to the Hecht's building when Macy's parent company bought that of Hecht's [6] and sold its original location to Boscov's. [7] Boscov's operated out of the former Macy's for only two years, closing the store in 2008 as part of the chain's bankruptcy proceedings. [8] It was reported in 2012 that a 300,000-square-foot data center would open in the former department store. [9] [10]

Taubman sold the mall to Mills Corporation, later part of Simon Property Group, in 2004. [11] The Woodmont Company of Dallas/Fort Worth was appointed as the receiver to manage and lease Marley Station in March 2013 until Bank of America settles a loan dispute with Simon Property Group or forecloses. [12]

In January 2012, AiNET purchased the largest single building at Marley Station mall, the former Boscov's space, to operate the CyberNAP data center. [13] [14] Unlike the rest of the mall (except Macy's), the AiNET space is three-stories. [15] At capacity, AiNET expects $1 billion in economic activity and 2,500 jobs at CyberNAP. [16]

In June 2013, AiNET (owner of CyberNAP) expressed an interest in buying all the properties to expand the data center throughout the mall. [17] [18] However, the mall's manager, The Woodmont Co., said there are no plans to sell or close down, but rather, "We are working to increase current occupancy by both retaining existing tenants as their leases renew and by leasing current vacancies." [19] [20] [21]

At the start of 2012, Marley Station had a vacancy rate of 44%, up from 33% a year earlier. [9] In June 2013 a spokeswoman for Woodmont said the occupancy rate at the mall was close to 85%. [19]

The mall was listed on a real estate web site as being up for auction on September 25, 2013. [22]

An eight-screen movie theatre, originally operated by United Artists Theatres, opened on June 5, 1987, near the mall's food court. The Movies at Marley Station were later run by Regal Entertainment Group, which had acquired UA. On February 20, 2014, the theater closed its doors after nearly 27 years of service without notice. [23] Two months later mall management announced that the theatres would be renovated and reopened in summer 2014. [24] [25] On June 20 Horizon Cinemas opened four theaters—with four more to follow later—featuring all new 3-D digital projectors, a new lobby with digital signage and upgraded concessions, updated bathrooms and roomier seating. [26] [27]

Moody's rates the mall's debt. As of the 2015 report, the mall had near term rollover risk and is advising investors to expect 70% losses on their investment. [28] As of the 2016 report, the mall [29] was 29% of the remaining fund and all classes of debt were rated as below investment grade or in default. The mall's occupancy was reported as under 75%.

During the same period, the mall was appraised for $39.8 million of the original $114.4M loan—in total there was a $88.7M difference between the appraisal and the total amount due on the loan. [30]

Aeropostale as part of its bankruptcy announced it would close its store at Marley Station Mall in 2016. [31]

In a February 2016 appraisal, the mall's appraised value dropped to $31.5M (-22.4%). [32]

In September 2016, Marley Station was listed for auction on the Ten-X website with a starting price of $5,000,000. [33] The mall ownership rebuffed an earlier $10,000,000 offer by AiNET's Deepak Jain. [34]

In an auction ended on October 19, 2016, Marley Station was sold by LNR Properties LLC to G.L. Harris for a price revealed after closing on December 20, 2016, to be $22.7 million. LNR Properties bought the property from TKL East in 2014. TKL East obtained it through foreclosure from original owner Simon Property Group. The mall's vacancy rate was reported in January 2017 to be just over 2%. [35] [36]

Marley Station Mall went back to auction on September 14, 2020. The sale price was $1.65M plus at least $15M existing debt. [37] [38] The sale was halted in November 2020 by the Texas Bankruptcy Court. [39]

On November 6, 2020, it was announced that Sears would be closing as part of a plan to close 7 stores nationwide which left JCPenney and Macy's as the only traditional anchors left. [40] The store closed on January 24, 2021.[ citation needed ]

On June 14, 2022, news broke that the mall has been sold to a New York-based partnership consisting of Mason Asset Management and Namdar Realty Group. Their plans involve an "aggressive leasing strategy" to improve current vacancy rates in the mall. [41]

Current anchors

Former anchors

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References

  1. ↑ "Leasing information" (PDF). Simon Property Group . Archived from the original (PDF) on October 11, 2012. Retrieved January 1, 2011.
  2. ↑ Meyer, Caroline (February 23, 1987). "Regional Mall Opening In Anne Arundel County". The Washington Post . Retrieved January 1, 2011.
  3. ↑ Massimo, Rick (June 19, 2019). "Police ID body found in 1985 as Md. man missing since 1962". WTOP-FM . Retrieved June 19, 2019.
  4. ↑ Mirabella, Lorraine (May 27, 1993). "Marley Station expands with new anchor store". The Baltimore Sun . Retrieved January 1, 2011.
  5. ↑ Lee, Consella (October 2, 1996). "Sears opening store at Marley Station Mall; Ritchie Highway location to close, transfer workers". The Baltimore Sun. Retrieved January 1, 2011.
  6. ↑ Walker, Andrea K. (April 28, 2006). "Hecht's to Macy's switch to begin; Conversion starts at 3 stores Sunday". The Baltimore Sun. Retrieved January 1, 2011.
  7. ↑ Clabaugh, Jeff (February 6, 2006). "Macy's moves out, Boscov's moves in". BizJournals.com. Retrieved January 1, 2011.
  8. ↑ "With Boscov's closing three Baltimore-area stores, questions remain about how to replace them". The Daily Record . August 6, 2008. Retrieved January 1, 2011.
  9. 1 2 Blumberg, Sara (September 26, 2012). "Marley Station struggles in weak economy". Maryland Gazette. Annapolis, Maryland: Baltimore Sun Media Group. Retrieved September 27, 2012.
  10. ↑ Sharrow, Ryan (March 19, 2012). "Data center to open in former Boscov's Glen Burnie site". Baltimore Business Journal . Retrieved June 30, 2013.
  11. ↑ "Business Digest". The Baltimore Sun. August 18, 2004. Retrieved January 1, 2011.
  12. ↑ Blumberg, Sarah (May 18, 2013). "Loan dispute forces Marley Station into receivership". Maryland Gazette . Annapolis, Maryland: Baltimore Sun Media Group. Retrieved May 19, 2013.
  13. ↑ Censer, Marjorie (March 18, 2012). "More data centers coming to Maryland". The Washington Post. Retrieved April 22, 2015.
  14. ↑ FitzGerald, Drew; Ziobro, Paul (November 3, 2014). "Malls Fill Vacant Stores With Server Rooms". The Wall Street Journal . Retrieved April 22, 2015.
  15. ↑ Miller, Rich (March 19, 2012). "AiNET to Convert Department Store into CyberNAP". Data Center Knowledge (DCK). Retrieved May 13, 2015.
  16. ↑ Maties, Adrian (March 23, 2012). "AiNET to open Data Center in Glen Burnie". Commercial Property Executive. Retrieved May 13, 2015.
  17. ↑ Blumberg, Sarah (June 9, 2013). "Looking for a new purpose for Marley Station mall". Maryland Gazette. Annapolis, Maryland: Baltimore Sun Media Group. Archived from the original on June 30, 2013. Retrieved June 30, 2013.
  18. ↑ Verge, Jason (June 13, 2013). "AiNET Looking to Convert Entire Shopping Mall to Data Center". Data Center Knowledge (DCK). Retrieved June 30, 2013.
  19. 1 2 Blumberg, Sara (June 29, 2013). "Marley Station mall: Retail is here to stay". Maryland Gazette. Annapolis, Maryland: Baltimore Sun Media Group. Retrieved June 30, 2013.
  20. ↑ Sentementes, Gus G. (March 20, 2012). "Data Center: Beltsville company to open data center in former Boscov's store in Glen Burnie". The Baltimore Sun. Retrieved April 22, 2015.
  21. ↑ Blumberg, Sara (June 8, 2013). "Looking for a new purpose for Marley Station mall". Maryland Gazette. Annapolis, Maryland: Baltimore Sun Media Group. Retrieved April 22, 2015.
  22. ↑ "Substitute Trustees' Sale: Regional Shopping Center (Except the Portion of the Property Described Below) Known as Marley Station Mall". Featured Auctions. Alex Cooper Real Estate / Alex Cooper Auctioneers. Archived from the original on October 19, 2013. Retrieved October 18, 2013.
  23. ↑ Yoon, Kate (February 22, 2014). "Marley Station mall's movie theater closes". Maryland Gazette. Annapolis, Maryland: Baltimore Sun Media Group. Archived from the original on April 3, 2014. Retrieved February 24, 2014.
  24. ↑ Meehan, Sarah (April 15, 2014). "Marley Station Mall movie theater to reopen this summer under new operator". Baltimore Business Journal. American City Business Journals . Retrieved April 16, 2014.
  25. ↑ Yoon, Kate (April 15, 2014). "Marley Station movie theater reopening this summer". Maryland Gazette. Annapolis, Maryland: Baltimore Sun Media Group. Archived from the original on April 17, 2014. Retrieved April 16, 2014.
  26. ↑ Bottalico, Brandi (June 23, 2014). "Marley Station Movies reopens with upgrades and new name". Maryland Gazette. Annapolis, Maryland: Baltimore Sun Media Group. Retrieved November 23, 2014.
  27. ↑ Linger, Jake (July 8, 2014). "Horizon Cinemas Opens At Marley Station Mall". Severna Park Voice. Severna Park, Maryland . Retrieved November 23, 2014.
  28. ↑ "Moody's Affirms 15 and Upgrades One Class of BACM 2005-3". Moody's. Moody's Investors Service, Inc. February 26, 2015. Retrieved May 13, 2015.
  29. ↑ "Moody's Affirms Eight and Downgrades Five Classes of BACM 2005-3". Moodys.com.
  30. ↑ "Marley Station Mall Near Baltimore Gets Appraised at $39.8Mln". Commercial RealEstate Direct.
  31. ↑ "2016 US Store Closings Maryland". About.com. About.com.
  32. ↑ Lehman, Roger. "CMBS Market Watch Weekly". CMBS Market Watch Weekly. Credit Suisse.
  33. ↑ "7900 Ritchie Highway, Glen Burnie, MD 21061". Ten X Auctions. Archived from the original on October 8, 2016.
  34. ↑ Smith, Mark (December 1, 2014). "Marley Station: Building Back Up, Looking Ahead". The Business Monthly. Ellicott City, Maryland . Retrieved September 21, 2016.
  35. ↑ Davis, Phil (November 19, 2016). "Marley Station mall sold for around $21.5M". Maryland Gazette. Annapolis, Maryland: Baltimore Sun Media Group. Retrieved March 15, 2017.
  36. ↑ Mirabella, Lorraine (January 17, 2017). "Marley Station mall sold for $22.7 million". The Baltimore Sun. Retrieved March 15, 2017.
  37. ↑ Iannetta, Jessica (September 14, 2020). "Marley Station Mall in Glen Burnie sells at auction". Baltimore Business Journal. Retrieved September 18, 2020.
  38. ↑ Simmons, Melody (August 27, 2020). "Marley Station Mall in Glen Burnie heads to the auction block Sept. 14". Baltimore Business Journal. Retrieved August 27, 2020.
  39. ↑ Simmons, Melody (November 10, 2020). "Marley Station sale by Alex Cooper Auctioneers stalled by Texas bankruptcy filing". Baltimore Business Journal . Retrieved December 8, 2020.
  40. ↑ Dehnel, Chris (November 13, 2020). "Liquidation Sale Commences At Doomed Manchester Sears". Manchester, CT Patch.
  41. ↑ Mirabella, Lorraine (June 14, 2022). "Marley Station mall in Glen Burnie Sold to New York Partnership". The Baltimore Sun. Retrieved June 15, 2022.
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