Greyhawke Eyes Alternatives for Penney's

AUSTIN-The Greenwich, CT-based owner of a now-dark 200,000-sf anchor spot at the 1.1-million-sf Highland Mall is rolling out a marketing blitz for a backfill. The long-time owner is leaving no stone unturned, pitching the space for office or retail.

J.C. Penney Co. relocated its store at 6101 Airport Blvd. about four months ago at the end of a 35-year sale-leaseback with Greyhawke Capital Advisors LLC, which is holding a 17.28-acre site on the doorstep of a proposed light-rail station. As would be expected, the store is attached to the mall, but Greyhawke’s president Robert J. Rosen sees that as a plus in marketing to office tenants. “I don’t believe there’s any office space you can get with access to shops, restaurants and rapid transit for $12 per sf,” he tells GlobeSt.com.

Rosen says he’s also not opposed to splitting the uses or scraping the site. “As of now, the building’s in good shape,” he says. “We’d consider tearing it down for the right tenant and the right price.” But, he adds, today’s construction costs make it more of a candidate for retooling than scraping.