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DO NOT USECodina Group Chosen to Turn Around Occupancy Levels at Retail Center

MIAMI-The enclosed mall portion of Town & Country has experienced low occupancy levels while the strip center portion of the 601,942-sf retail center has seen the exact opposite.

By Melissa Bogdany | Updated on August 01, 2003

MIAMI-Codina Group Inc. of Coral Gables has been awarded an assignment to manage, lease as well as redevelop the currently enclosed mall portion of the 601,942-leasable-sf Town & Country Center here.

Town & Country Center, located at 8505 Mills Dr., is owned by TIAA-CREF, one of the world’s largest financial services providers. The center consists of an enclosed mall, a power-strip convenience center, six outparcel sites and a hotel, Wellesley Inn, which is not owned by TIAA-CREF.<p.Tenants at the enclosed mall, which surrounds a six-acre lake, include Ross Dress for Less, Sears, Lane Bryant and New York & Co. Tenants at the power-strip center include AMC Theatres, Publix, Marshalls and Eckerd.<p.The redevelopment of the enclosed mall is designed to improve its occupancy, according to a spokeswoman. The enclosed mall portion has low occupancy levels, while the strip center portion experiences high occupancy levels, she says. A more user-friendly plan would provide a better shopping destination for the Kendall-area market, she adds.

Final redevelopment plans and their cost were not yet determined at press time, according to the spokeswoman.<p.”We have a proven track record of success with TIAA-CREF and look forward to growing our relationship,” Trish Blasi, president of Codina Real Estate Management, says in a statement. “Our goal now is to review the history of the mall, its tenant mix, demographics and other elements key to its success. Then we will develop our strategy for how we can make it an even more successful center in the future.”

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