The Potential of Overlooked Retail Assets
Overlooked opportunities often lie in plain sight, waiting to be recognized.
Read More.Dallas-Based Real Estate Investment Firm Tapped for the Second Time by Steerpoint Capital to Manage and Lease Southern California Shopping Center
DALLAS – November 30, 2022 – Centennial, a real estate investment firm with a national portfolio of shopping, dining, entertainment and mixed-use destinations as well as a full-service property management platform serving third-party owners (www.CentennialREC.com), announced today that it has been awarded the management contract for Antelope Valley Mall, an enclosed shopping center in Palmdale, California, located just minutes from some of the area’s largest employers, including five aerospace/aviation firms with more than 50,000 employees (https://www.av-mall.com). Under the contract, awarded to Centennial yesterday by commercial real estate investment and advisory firm Steerpoint Capital, Centennial will provide a full spectrum of management, leasing, tenant coordination, marketing and accounting services for the shopping center.
“Antelope Valley Mall is the dominant shopping center in its market, making it an attractive addition to our management portfolio as we grow our foothold in the Southern California marketplace,” says Whitney Livingston, President of Centennial. “While Antelope Valley Mall is a strong, well-performing asset, we see opportunities to create value for the center through a strategic merchandising plan that includes the re-tenanting of the center’s now-vacant Mervyn’s big-box store and the addition of new experiential offerings, including elevated dining and entertainment as well as an enhanced food court.”
The fact that Steerpoint Capital has once again selected Centennial to manage a Southern California shopping center speaks volumes about the firm’s confidence in Centennial’s capabilities to do just that. Earlier this year, Steerpoint also awarded Centennial the management contract for The Shops at Montebello, a modern super-regional enclosed shopping center in Montebello, California. Additionally, Centennial also owns and operates Southern California’s MainPlace Mall in Santa Ana and manages Pacific City in Huntington Beach.
“As Steerpoint expands its footprint in the Southern California market, we wanted a strong management partner and Centennial is quickly proving its expertise with coveted shopping centers like Antelope Valley Mall that are among the top tier in their markets,” says Jon Callegari, Steerpoint Managing Director.
“We’ve been impressed with Centennial’s operational acumen in the other centers it manages in Southern California as well as across the nation, and we look forward to kicking off the relationship we’ve forged with them for Antelope Valley Mall as well as others still on the horizon,” says Bo Okoroji, Steerpoint Managing Partner.
From strategic merchandising plans to innovative experiential marketing, customized placemaking solutions, community connections and loyalty programs, Centennial has a unique vision for the future of retail real estate that has led to the successful repositioning of retail properties in key markets from coast to coast. The robust full-service platform Centennial has built perfectly positions the firm to help retail real estate owners navigate today’s complex retail market while also planning for future value creation.
In addition to adding management contracts for The Shops at Montebello and The Promenade Shops at Saucon Valley in Center Valley, Pennsylvania, this calendar year, Centennial acquired Fairlane Town Center in Dearborn, Michigan; The Shops at Willow Bend in Plano, Texas; and Westland Mall in Hialeah, Florida. It also grew its owned and managed properties as well as its industry-leading retail real estate skillset through the acquisition of the Bayer Properties operating platform in August, which expanded Centennial’s portfolio from 15 million square feet of owned or managed assets to 23 million square feet of managed properties in 18 states.
About Antelope Valley Mall
Antelope Valley Mall is an enclosed shopping center in Palmdale, California, the high desert area of northern Los Angeles County. Anchored by Dillard’s, Macy’s, and JCPenney, as well as many of the nation’s most desirable retailers and restaurants, including Dick’s Sporting Goods, Tillys, Old Navy, H&M, Victoria’s Secret, Red Robin, Oishi Japanese Sushi Bar and Grill, Claim Jumper, Blaze Pizza, Cinnabon, and a 16-screen stadium-style Cinemark theater, the center features more than 120 shops, eateries and entertainment offerings. The 1 million-square-foot Antelope Valley Mall is located within a short drive of some of the area’s largest employers, including five aerospace/aviation firms with more than 50,000 employees. For more information, visit the center’s website at https://www.av-mall.com.
About Centennial
Centennial is a real estate investment firm with a national portfolio of shopping, dining, entertainment and mixed-use destinations as well as a full-service property management platform serving third-party owners. Today, the firm operates more than 23 million square feet of managed properties in 18 states. Since 1997, Centennial has played a pivotal role in shaping the evolution of American retail by creating a superior multi-faceted shopping experience with properties that serve not only as a place of commerce, but as a place of community. For more information, visit CentennialREC.com.
About Steerpoint Capital
Steerpoint Capital is a commercial real estate investment management and advisory firm focused on executing value-add and opportunistic real estate strategies. Equipped with capital commitments from a diverse pool of partners, ranging from family offices and domestic and international investment funds, SPC’s current strategy focuses on executing adaptive reuse conversions and retail repositioning opportunities in high demand markets within Southern California and Sunbelt States. Steerpoint was founded in 2022 by Bo Okoroji, former Head of US Investments at Unibail-Rodamco-Westfield (URW), to capitalize on pandemic induced conversion arbitrage opportunities in the Hotel, Office and Retail sectors. For more information, visit Steerpointcapital.com.
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Blackford & Associates
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