The mall, at 12 Mile and Dequindre roads, has been undergoing extensive renovation since the current ownership group took over about five years ago.
"These improvements will certainly enhance the property and the overall image for the city of Warren. This plan will assist us in attracting new and exciting retail tenants who in turn will bring both new and old customers to the property," says Universal Mall general manager Marilyn Zeigler.
The bulk of the latest renovation project involves the interior demolition of 120,000 sf that formerly housed a Montgomery Ward, and an exterior facelift. Mall officials plan to divide the interior space to attract several tenants, each with their own entrance from the parking lot and the mall's interior. The project could top $10 million.
Beginning in 2000, the company spent $4 million sprucing up the property.
Universal Mall Properties says the mall's vacancy rate has improved in recent years and is now at 75%—-not including the former Montgomery Ward space.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
