Independence Center

Jackson/Cass Suburbs, including South KC
empires228
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Independence Center

Postby empires228 » Wed Jun 28, 2017 9:22 am

http://www.kansascity.com/news/business ... 20274.html Simon is going to default on the malls loan. Looks like Oak Park will be the last true mall in the metro to fall after all.

shinatoo
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Re: Independence Center

Postby shinatoo » Wed Jun 28, 2017 10:48 am

Tear it down and give Cerner a big ass loan.
Quocunque Jeceris Stabit

brewcrew1000
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Re: Independence Center

Postby brewcrew1000 » Wed Jun 28, 2017 11:02 am

I don't think the mall will go away, they will probably just try to restructure the loan or something. It kills me though, Herbert Simon, net worth 2.7 billion USD why can't he just pay it with his own cash?

earthling
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Re: Independence Center

Postby earthling » Wed Jun 28, 2017 11:04 am

Curious that some investors are still trying to make last century mall concept work. Not worth the risk.

flyingember
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Re: Independence Center

Postby flyingember » Wed Jun 28, 2017 12:11 pm

brewcrew1000 wrote:I don't think the mall will go away, they will probably just try to restructure the loan or something. It kills me though, Herbert Simon, net worth 2.7 billion USD why can't he just pay it with his own cash?


net worth <> cash on hand.

A large portion of his value is probably tied up in the equity value of the businesses and investments. Likely would need to sell to be able to afford to pay off the loan.

aknowledgeableperson
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Re: Independence Center

Postby aknowledgeableperson » Wed Jun 28, 2017 5:37 pm

Some other entity will buy it and rejuvenate it to compete with all of the surrounding retail around it. And it will probably succeed.

flyingember
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Re: Independence Center

Postby flyingember » Thu Jun 29, 2017 10:18 am

They'll tear the mall down and put in a mixed use development.

See Antioch Center, Metro North Mall for recent examples

empires228
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Re: Independence Center

Postby empires228 » Thu Jun 29, 2017 10:45 am

brewcrew1000 wrote:I don't think the mall will go away, they will probably just try to restructure the loan or something. It kills me though, Herbert Simon, net worth 2.7 billion USD why can't he just pay it with his own cash?


No, it will just fade away slowly like Metro North. I don't see it tanking fast like Bannister and Metcalf South, but getting dropped by Simon hasn't worked out too well for malls in Wichita, Aurora, Topeka, and Albuquerque, and Simon spun those off to a different company rather than default on their loan.


aknowledgeableperson wrote:Some other entity will buy it and rejuvenate it to compete with all of the surrounding retail around it. And it will probably succeed.


This will be the malls fourth owner and there are quite a few less companies out there these days. The companies that the mall no longer exists, the company that built Oak Park-Leavenworth Plaza-Mission Center no longer deals in malls, MD is.... Look at Metro North, Metcalf South and Google West Minster Mall, Southwyck Mall, and Buckingham Square to get into that mess, and GGP had its chance to pick up Oak Park and Independence Center in the last 20 years and didn't. CBL, the owner of Oak Park Mall, might buy them, but security will take big cuts. If anyone besides GGP or CBL buys them, the mall will continue to slowly sink. I'm sure people though that no one would let Metro North get that bad, especially since it had access to better demographics than Independence Center.

aknowledgeableperson
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Re: Independence Center

Postby aknowledgeableperson » Thu Jun 29, 2017 11:26 am

New owners could rejuvenate the mall much like was done with Ward Parkway. True, there isn't that much close-by competition to Ward Parkway but new owners could possibly pick it up on the cheap and have funds left over for a make-over.
Was at the IC last Christmas season and I don't remember seeing an unusual amount of vacant storefronts.

empires228
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Re: Independence Center

Postby empires228 » Thu Jun 29, 2017 2:25 pm

aknowledgeableperson wrote:New owners could rejuvenate the mall much like was done with Ward Parkway. True, there isn't that much close-by competition to Ward Parkway but new owners could possibly pick it up on the cheap and have funds left over for a make-over.
Was at the IC last Christmas season and I don't remember seeing an unusual amount of vacant storefronts.


Ah, but that's a bad time to go. Temp tenants always show up for the Holiday. Stuff like Go Games Books and Toys and Toys R Us Express come in and are gone by February. Ward Parkway Center isn't really a mall, but is a good example of how to save one. The interior is still dead (and could be worse if Rue 21 and Claire's liquidate before 2018 as expected), but it's a good example of how to reconfigure a building. Ward Parkway was killed by changing demographics to the east of the mall, Mission Center Mall, Metcalf South, and then Town Center Plaza put the nail in the coffin for it and Metcalf South in the 90's. Oak Park Mall and Zona Rosa have better immediate demographics to pull from, and their tenant roster shows that.


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