MEDIA, PA-Madison Marquette executives are poised to renovate the one-million-square-foot Granite Run Mall here, a center formerly owned by a partnership between Simon Property Trust and The Macerich Co. The Washington DC-based firm is taking over the operations of the asset for CWCapital Asset Management, which controls it as a special servicer.

The inline store space at the center is currently 30% vacant. "The vacancy is more andemic of what was happening in the industry," John-david Franklin, a Madison Marquette senior vice president who is manager of the asset, explaining that closures were more of a result of retailers cutting back in tough times than economic problems in the area.

Madison Marquette is now conducting a 30-day analysis of what the property needs to get back on track. "Our strategy is stabilization," Franklin says.