DALLAS (January 4, 2017) – Cypress Equities announced today the acquisition of Flagstaff Mall, a single-level 388,000-square-foot enclosed regional shopping center located at Arizona Highway 89 and historic Route 66 just off Interstate 40.
Flagstaff Mall is anchored by JCPenney, Dillard’s and Sears, and showcases a strong lineup of national retailers, including Bath & Body Works, Charlotte Russe, The Children’s Place, Foot Locker, GameStop, GNC, Journeys, Kay Jewelers, Payless ShoeSource, PacSun, Rack Room Shoes, Vans and Victoria’s Secret. The shopping center also features a food court with seating for 232 patrons.
Flagstaff Mall was developed in 1979 as a two-anchor regional mall. The shopping center expanded in 1987 with the addition of a third anchor, and was renovated in 2007.
The mall draws shoppers from more than 60 miles away due to its extended trade area. Plus, the nearest mall competition is more than 90 miles away.
As part of its investment strategy for Flagstaff Mall, Cypress Equities will consider opportunities to sell or lease up to three undeveloped outparcel pads comprising approximately 18,000 square feet. In addition, the owner will explore re-demising and/or repurposing select inline retail space to maximize value and usage.
“Cypress Equities is excited to add Flagstaff Mall to its portfolio of properties,” stated Chris Maguire, chief executive officer of Cypress Equities. “It is our goal to establish Flagstaff Mall as the dominant retail destination in northern Arizona.”
Flagstaff features key elements desired for a smaller market retail real estate asset. It is a university city, home to Northern Arizona University with an enrollment of more than 21,000 students, as well as Coconino Community College with an enrollment of 7,500. Based on its proximity to Grand Canyon National Park, Oak Creek Canyon, Meteor Crater, the Arizona Snowbowl and historic Route 66, the city enjoys more than four million visitors each year. The region’s economy is a diverse blend of education, government, and healthcare along with manufacturing, bioscience and space. Prominent businesses situated in Flagstaff include Nestlé Purina PetCare, W.L. Gore and Associates and the Lowell Observatory.
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