Southgate Mall | Milwaukee, Wisconsin
In 1996 Concordia Realty was engaged to demall and redevelop Southgate Mall in Milwaukee, Wisconsin – a 400,000 square foot mall to be converted to a strip center.
The successful plan included operating the mall, terminating the existing tenant leases and negotiating new anchor tenant leases while preparing the redevelopment plans and obtaining municipal approvals.
In six months, Concordia Realty was able to reduce expenses by forty percent while improving cleanliness, snow plowing and service to the tenants. Additionally, revenues increased with fewer tenants because rents were collected that had been in arrears for years and space leased to temporary tenants prior to demolition.
In addition, Concordia Realty added new tenants to areas outside the mall including Cinemark Cinemas, Famous Footwear, Office Max to name but a few. As the redevelopment progressed towards the demolition phase, we were able to successfully terminate the 32 tenants within 1 year for a total expenditure on lease terminations of less than $275,000. The new Wal-Mart and Home Depot have been completed and the shopping center was sold to a national shopping center REIT.