Swansea Mall
Swansea, MA.
The property, a 686,000 sq.ft. enclosed regional mall, was acquired in August 2001, from Equitable Life Insurance Company and New York State Pension Fund. At acquisition, two of the mall's four (4) anchors were vacant, and the in-line occupancy rate was 75%. CDG's redevelopment plan included the recapture of one anchor space, expediting the opening of Walmart in the other vacant anchor space and renewed aggressive marketing and leasing for the in-line spaces. At the present time, CDG is embarking on a new revitalization program that includes renovation of the Main Entrances, Food Court and all Common Areas. In addition to a brand new expanded Walmart Store, premier national retailers such as Old Navy, Pay Half, Bonworth and Haagen Dazs have already executed leases, and negotiations are underway with more than 20,000 sf of additional retail stores, as well as the fourth anchor space currently vacant. The redevelopment program is to be completed by the first half of 2008, with a total project cost estimated at approximately $70,000,000.00.