Marley Station Mall Explained

Marley Station Mall
Location:7900 Governor Ritchie Highway Glen Burnie, Maryland 21060
Coordinates:39.1392°N -76.6058°W
Developer:Taubman Centers
Manager:The Woodmont Company
Owner:Namdar Realty Group
Number Of Stores:45
Number Of Anchors:6 (4 open, 2 vacant)
Floor Area:1069000square feet[1]
Parking:6 parking lots
Floors:2 (3 in Macy's and former Boscov's)
Publictransit: MTA Maryland bus: 70

Marley Station Mall is an enclosed shopping mall in Glen Burnie, Maryland. Opened in 1987, it was expanded in 1994 and 1996. The mall has 130 stores on 2 floors, a movie theater, and 5 anchor spaces. JCPenney, Macy's, and Golds Gym serve as the mall's current anchor tenants. The other two anchor spaces were occupied by Boscov's until 2008, and Sears until 2021.

History

Taubman Centers completed Marley Station in 1987.[2] At the time, it included two anchor stores: Hecht's and Macy's. During construction in 1985 a body was discovered in a trash can on the site, which was not identified as Roger Kelso until 2019.[3] Taubman expanded the mall in 1994 with a third anchor, JCPenney, which was the most-requested store among mall patrons at the time.[4] Sears was added in 1996 as a fourth anchor. This store replaced an existing Sears in Glen Burnie which was built in the 1960s.[5]

In 2006, Macy's relocated to the Hecht's building when Macy's parent company bought that of Hecht's[6] and sold its original location to Boscov's.[7] Boscov's operated out of the former Macy's for only two years, closing the store in 2008 as part of the chain's bankruptcy proceedings.[8] It was reported in 2012 that a 300,000-square-foot data center would open in the former department store.[9] [10]

Taubman sold the mall to Mills Corporation, later part of Simon Property Group, in 2004.[11] The Woodmont Company of Dallas/Fort Worth was appointed as the receiver to manage and lease Marley Station in March 2013 until Bank of America settles a loan dispute with Simon Property Group or forecloses.[12]

In January 2012, AiNET purchased the largest single building at Marley Station mall, the former Boscov's space, to operate the CyberNAP data center.[13] [14] Unlike the rest of the mall (except Macy's), the AiNET space is three-stories.[15] At capacity, AiNET expects $1 billion in economic activity and 2,500 jobs at CyberNAP.[16]

In June 2013, AiNET (owner of CyberNAP) expressed an interest in buying all the properties to expand the data center throughout the mall.[17] [18] However, the mall's manager, The Woodmont Co., said there are no plans to sell or close down, but rather, "We are working to increase current occupancy by both retaining existing tenants as their leases renew and by leasing current vacancies."[19] [20] [21]

At the start of 2012, Marley Station had a vacancy rate of 44%, up from 33% a year earlier.[9] In June 2013 a spokeswoman for Woodmont said the occupancy rate at the mall was close to 85%.

The mall was listed on a real estate web site as being up for auction on September 25, 2013.[22]

An eight-screen movie theatre, originally operated by United Artists Theatres, opened on June 5, 1987, near the mall's food court. The Movies at Marley Station were later run by Regal Entertainment Group, which had acquired UA. On February 20, 2014, the theater closed its doors after nearly 27 years of service without notice.[23] Two months later mall management announced that the theatres would be renovated and reopened in summer 2014.[24] [25] On June 20 Horizon Cinemas opened four theaters—with four more to follow later—featuring all new 3-D digital projectors, a new lobby with digital signage and upgraded concessions, updated bathrooms and roomier seating.[26] [27]

Moody's rates the mall's debt. As of the 2015 report, the mall had near term rollover risk and is advising investors to expect 70% losses on their investment.[28] As of the 2016 report, the mall[29] was 29% of the remaining fund and all classes of debt were rated as below investment grade or in default. The mall's occupancy was reported as under 75%.

During the same period, the mall was appraised for $39.8 million of the original $114.4M loan—in total there was a $88.7M difference between the appraisal and the total amount due on the loan.[30]

Aeropostale as part of its bankruptcy announced it would close its store at Marley Station Mall in 2016.[31]

In a February 2016 appraisal, the mall's appraised value dropped to $31.5M (-22.4%).[32]

In September 2016, Marley Station was listed for auction on the Ten-X website with a starting price of $5,000,000.[33] The mall ownership rebuffed an earlier $10,000,000 offer by AiNET's Deepak Jain.[34]

In an auction ended on October 19, 2016, Marley Station was sold by LNR Properties LLC to G.L. Harris for a price revealed after closing on December 20, 2016, to be $22.7 million. LNR Properties bought the property from TKL East in 2014. TKL East obtained it through foreclosure from original owner Simon Property Group. The mall's vacancy rate was reported in January 2017 to be just over 2%.[35] [36]

Marley Station Mall went back to auction on September 14, 2020. The sale price was $1.65M plus at least $15M existing debt.[37] [38] The sale was halted in November 2020 by the Texas Bankruptcy Court.[39]

On November 6, 2020, it was announced that Sears would be closing as part of a plan to close 7 stores nationwide which left JCPenney and Macy's as the only traditional anchors left.[40] The store closed on January 24, 2021.

On June 14, 2022, news broke that the mall has been sold to a New York-based partnership consisting of Mason Asset Management and Namdar Realty Group. Their plans involve an "aggressive leasing strategy" to improve current vacancy rates in the mall.[41]

Current anchors

Former anchors

External links

Notes and References

  1. Web site: Leasing information . . January 1, 2011 . dead . https://web.archive.org/web/20121011112203/http://www.simon.com/Mall/LeasingSheet/5254_MarleyStation_PropFactSheet.pdf . October 11, 2012 .
  2. News: Regional Mall Opening In Anne Arundel County. Meyer. Caroline. February 23, 1987. The Washington Post. January 1, 2011.
  3. News: Police ID body found in 1985 as Md. man missing since 1962. Massimo. Rick. June 19, 2019. WTOP-FM. June 19, 2019.
  4. News: Marley Station expands with new anchor store. Mirabella. Lorraine. May 27, 1993. The Baltimore Sun. January 1, 2011.
  5. News: Sears opening store at Marley Station Mall; Ritchie Highway location to close, transfer workers. Lee. Consella. October 2, 1996. The Baltimore Sun. January 1, 2011.
  6. News: Hecht's to Macy's switch to begin; Conversion starts at 3 stores Sunday. Walker. Andrea K.. April 28, 2006. The Baltimore Sun. January 1, 2011.
  7. Web site: Macy's moves out, Boscov's moves in. Clabaugh. Jeff. February 6, 2006. BizJournals.com. January 1, 2011.
  8. News: With Boscov's closing three Baltimore-area stores, questions remain about how to replace them. August 6, 2008. The Daily Record. January 1, 2011.
  9. News: Marley Station struggles in weak economy . Sara . Blumberg . Maryland Gazette . Baltimore Sun Media Group . Annapolis, Maryland . September 26, 2012 . September 27, 2012.
  10. News: Sharrow. Ryan. Data center to open in former Boscov's Glen Burnie site. June 30, 2013. Baltimore Business Journal. March 19, 2012.
  11. News: Business Digest. August 18, 2004. The Baltimore Sun. January 1, 2011.
  12. News: Blumberg. Sarah. Loan dispute forces Marley Station into receivership. May 19, 2013. Maryland Gazette. Baltimore Sun Media Group. May 18, 2013. Annapolis, Maryland.
  13. News: Censer. Marjorie. More data centers coming to Maryland. April 22, 2015. The Washington Post. March 18, 2012.
  14. News: FitzGerald. Drew. Ziobro. Paul. Malls Fill Vacant Stores With Server Rooms. April 22, 2015. The Wall Street Journal. November 3, 2014.
  15. News: Miller. Rich. AiNET to Convert Department Store into CyberNAP. May 13, 2015. Data Center Knowledge (DCK). March 19, 2012.
  16. News: Maties. Adrian. AiNET to open Data Center in Glen Burnie. May 13, 2015. Commercial Property Executive. March 23, 2012.
  17. News: Blumberg. Sarah. Looking for a new purpose for Marley Station mall. June 30, 2013. Maryland Gazette. Baltimore Sun Media Group. Annapolis, Maryland. June 9, 2013. dead. https://archive.today/20130630195921/http://www.capitalgazette.com/news/government/looking-for-a-new-purpose-for-marley-station-mall/article_d97dd8b6-ef04-52b4-bcac-1cdfab44d85e.html?mode=story. June 30, 2013.
  18. News: Verge. Jason. AiNET Looking to Convert Entire Shopping Mall to Data Center. June 30, 2013. Data Center Knowledge (DCK). June 13, 2013.
  19. News: Blumberg. Sara. Marley Station mall: Retail is here to stay. June 30, 2013. Maryland Gazette. Baltimore Sun Media Group. Annapolis, Maryland. June 29, 2013.
  20. News: Sentementes. Gus G.. Data Center: Beltsville company to open data center in former Boscov's store in Glen Burnie. April 22, 2015. The Baltimore Sun. March 20, 2012.
  21. News: Blumberg. Sara. Looking for a new purpose for Marley Station mall. April 22, 2015. Maryland Gazette. Baltimore Sun Media Group. Annapolis, Maryland. June 8, 2013.
  22. Web site: Substitute Trustees' Sale: Regional Shopping Center (Except the Portion of the Property Described Below) Known as Marley Station Mall. Featured Auctions. Alex Cooper Real Estate / Alex Cooper Auctioneers. October 18, 2013. https://web.archive.org/web/20131019110110/http://realestate.alexcooper.com/upcoming/featured/details/foreclosure-569/. October 19, 2013. dead.
  23. News: Yoon. Kate. Marley Station mall's movie theater closes. February 24, 2014. Maryland Gazette. February 22, 2014. Baltimore Sun Media Group. Annapolis, Maryland. dead. https://web.archive.org/web/20140403132328/http://www.capitalgazette.com/maryland_gazette/news/community_news/marley-station-mall-s-movie-theater-closes/article_2b92d4e2-6935-5b56-9e4c-1b6586ee5afa.html. April 3, 2014.
  24. News: Meehan. Sarah. Marley Station Mall movie theater to reopen this summer under new operator. April 16, 2014. Baltimore Business Journal. April 15, 2014. American City Business Journals.
  25. News: Yoon. Kate. Marley Station movie theater reopening this summer. April 16, 2014. Maryland Gazette. April 15, 2014. Baltimore Sun Media Group. Annapolis, Maryland. dead. https://web.archive.org/web/20140417040801/http://www.capitalgazette.com/maryland_gazette/news/money/marley-station-movie-theater-reopening-this-summer/article_3371fb6c-21c8-580d-a67c-0293c6c247d5.html. April 17, 2014.
  26. News: Bottalico. Brandi. Marley Station Movies reopens with upgrades and new name. November 23, 2014. Maryland Gazette. June 23, 2014. Baltimore Sun Media Group. Annapolis, Maryland.
  27. News: Linger. Jake. Horizon Cinemas Opens At Marley Station Mall. November 23, 2014. Severna Park Voice. July 8, 2014. Severna Park, Maryland.
  28. Web site: Moody's Affirms 15 and Upgrades One Class of BACM 2005-3. Moody's. Moody's Investors Service, Inc.. May 13, 2015. February 26, 2015.
  29. Web site: Moody's Affirms Eight and Downgrades Five Classes of BACM 2005-3. Moodys.com.
  30. Web site: Marley Station Mall Near Baltimore Gets Appraised at $39.8Mln. Commercial RealEstate Direct.
  31. Web site: 2016 US Store Closings Maryland. About.com. About.com.
  32. Web site: Lehman. Roger. CMBS Market Watch Weekly. CMBS Market Watch Weekly. Credit Suisse.
  33. Web site: 7900 Ritchie Highway, Glen Burnie, MD 21061 . Ten X Auctions . https://web.archive.org/web/20161008112432/https://www.ten-x.com/commercial/details/7900-ritchie-highway-glen-burnie-md-21061-193050191-b_191/ . October 8, 2016.
  34. News: Smith. Mark. Marley Station: Building Back Up, Looking Ahead. The Business Monthly. December 1, 2014. September 21, 2016. Ellicott City, Maryland.
  35. News: Davis. Phil. Marley Station mall sold for around $21.5M. March 15, 2017. Maryland Gazette. Baltimore Sun Media Group. Annapolis, Maryland. November 19, 2016.
  36. News: Mirabella. Lorraine. Marley Station mall sold for $22.7 million. March 15, 2017. The Baltimore Sun. January 17, 2017.
  37. News: Iannetta . Jessica . Marley Station Mall in Glen Burnie sells at auction . September 18, 2020 . Baltimore Business Journal . September 14, 2020.
  38. News: Simmons . Melody . Marley Station Mall in Glen Burnie heads to the auction block Sept. 14 . August 27, 2020 . Baltimore Business Journal . August 27, 2020.
  39. News: Simmons . Melody . Marley Station sale by Alex Cooper Auctioneers stalled by Texas bankruptcy filing . December 8, 2020 . . November 10, 2020.
  40. News: Dehnel . Chris . Liquidation Sale Commences At Doomed Manchester Sears . Manchester, CT Patch . November 13, 2020 . en.
  41. News: Mirabella . Lorraine . Marley Station mall in Glen Burnie Sold to New York Partnership . June 15, 2022 . The Baltimore Sun . June 14, 2022.

This article is licensed under the GNU Free Documentation License. It uses material from the Wikipedia article "Marley Station Mall".

Except where otherwise indicated, Everything.Explained.Today is © Copyright 2009-2024, A B Cryer, All Rights Reserved. Cookie policy.