Marley Station

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Marley Station Mall
Marley Station Mall logo. 2014-?.png
Current logo for the center.
Location Glen Burnie, Maryland
Address 7900 Governor Ritchie Highway
Opening date 1987
Developer Taubman Centers
Management The Woodmont Company
No. of stores and services 100
No. of anchor tenants 4
Total retail floor area 1,069,000 square feet (99,300 m2)[1]
No. of floors 2 Floors
Parking 6 Parking Lots

Marley Station Mall is an enclosed shopping mall in Glen Burnie, Maryland. Opened in 1987, it was expanded in 1993 and 1997. The mall includes J.C. Penney, Macy's , Golds Gym and Sears as its anchor stores. The mall has 4 anchors and 100 stores on 2 floors. In March 2013, the Circuit Court for Anne Arundel County appointed The Woodmont Company as receiver for Marley Station.[2]

History[edit]

Taubman Centers built Marley Station in 1987.[3] At the time, it included two anchor stores: Hecht's and Macy's. Taubman expanded the mall in 1993 with a third anchor, J.C. Penney, 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.[2]

In January 2012, AiNET purchased the largest single building at Marley Station mall, the former Boscov's space, to operate the CyberNAP data center.[12][13] Unlike the rest of the mall, the AiNET space is three-stories.[14] At capacity, AiNET expects $1 billion in economic activity and 2,500 jobs at CyberNAP.[15]

In June 2013, AiNET (owner of CyberNAP) expressed an interest in buying all the properties to expand the data center throughout the mall.[16][17] 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."[18][19][20]

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%.[18]

The mall was listed on a real estate web site as being up for auction on September 25, 2013.[21]

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.[22] Two months later mall management announced that the theatres would be renovated and reopened in summer 2014.[23][24] 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.[25][26]

Recent Updates[edit]

Moody's rates the mall's debt. As of the 2015 report, the mall has near term rollover risk and is advising investors to expect 70% losses on their investment.[27] As of the 2016 report, the mall[28] is now 29% of the remaining fund and all classes of debt are rated as below investment grade or in default. The mall's occupancy is 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 is now a $88.7M difference between the appraisal and the total amount due on the loan.[29]

Aeropostale as part of its bankruptcy has announced it will close its store at Marley Station Mall in 2016.[30]

In the most recent appraisal Feb 2016, the mall's appraised value dropped to $31.5M (-22.4%).[31]

Marley Station is listed for auction on then Ten-X website with a starting price of $5,000,000. [32] The mall ownership has previously rebuffed an earlier $10,000,000 offer by AiNET's Deepak Jain. [33]

References[edit]

  1. ^ "Leasing information" (PDF). Simon Property Group. Archived from the original (PDF) on October 11, 2012. Retrieved 1 January 2011. 
  2. ^ a b Blumberg, Sarah (18 May 2013). "Loan dispute forces Marley Station into receivership". Maryland Gazette. Annapolis, Maryland: Landmark Media Enterprises. Retrieved 19 May 2013. 
  3. ^ Meyer, Caroline (23 February 1987). "Regional Mall Opening In Anne Arundel County". The Washington Post. Retrieved 1 January 2011. 
  4. ^ Mirabella, Lorraine (27 May 1993). "Marley Station expands with new anchor store". The Baltimore Sun. Retrieved 1 January 2011. 
  5. ^ Lee, Consella (2 October 1996). "Sears opening store at Marley Station Mall; Ritchie Highway location to close, transfer workers". The Baltimore Sun. Retrieved 1 January 2011. 
  6. ^ Walker, Andrea K. (28 April 2006). "Hecht's to Macy's switch to begin; Conversion starts at 3 stores Sunday". The Baltimore Sun. Retrieved 1 January 2011. 
  7. ^ Clabaugh, Jeff (6 February 2006). "Macy's moves out, Boscov's moves in". BizJournals.com. Retrieved 1 January 2011. 
  8. ^ "With Boscov's closing three Baltimore-area stores, questions remain about how to replace them". The Daily Record. 6 August 2008. Retrieved 1 January 2011. 
  9. ^ a b Blumberg, Sara (26 September 2012). "Marley Station struggles in weak economy". Maryland Gazette. Annapolis, Maryland: Landmark Media Enterprises. Retrieved 27 September 2012. 
  10. ^ Sharrow, Ryan (19 March 2012). "Data center to open in former Boscov's Glen Burnie site". Baltimore Business Journal. Retrieved 30 June 2013. 
  11. ^ "Business Digest". The Baltimore Sun. 18 August 2004. Retrieved 1 January 2011. 
  12. ^ Censer, Marjorie (18 March 2012). "More data centers coming to Maryland". The Washington Post. Retrieved 22 April 2015. 
  13. ^ FitzGerald, Drew; Ziobro, Paul (3 November 2014). "Malls Fill Vacant Stores With Server Rooms". The Wall Street Journal. Retrieved 22 April 2015. 
  14. ^ Miller, Rich (19 March 2012). "AiNET to Convert Department Store into CyberNAP". Data Center Knowledge (DCK). Retrieved 13 May 2015. 
  15. ^ Maties, Adrian (23 March 2012). "AiNET to open Data Center in Glen Burnie". Commercial Property Executive. Retrieved 13 May 2015. 
  16. ^ Blumberg, Sarah (9 June 2013). "Looking for a new purpose for Marley Station mall". Maryland Gazette. Retrieved 30 June 2013. 
  17. ^ Verge, Jason (13 June 2013). "AiNET Looking to Convert Entire Shopping Mall to Data Center". Data Center Knowledge (DCK). Retrieved 30 June 2013. 
  18. ^ a b Blumberg, Sara (29 June 2013). "Marley Station mall: Retail is here to stay". Maryland Gazette. Retrieved 30 June 2013. 
  19. ^ Sentementes, Gus G. (20 March 2012). "Data Center: Beltsville company to open data center in former Boscov's store in Glen Burnie". The Baltimore Sun. Retrieved 22 April 2015. 
  20. ^ Blumberg, Sara (8 June 2013). "Looking for a new purpose for Marley Station mall". Maryland Gazette. Retrieved 22 April 2015. 
  21. ^ "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. Retrieved 18 October 2013. 
  22. ^ Yoon, Kate (22 February 2014). "Marley Station mall's movie theater closes". Maryland Gazette. Annapolis, Maryland: Landmark Media Enterprises. Retrieved 24 February 2014. 
  23. ^ Meehan, Sarah (April 15, 2014). "Marley Station Mall movie theater to reopen this summer under new operator". Baltimore Business Journal. American City Business Journals. Retrieved April 16, 2014. 
  24. ^ Yoon, Kate (April 15, 2014). "Marley Station movie theater reopening this summer". Maryland Gazette. Annapolis, Maryland: Landmark Media Enterprises. Retrieved April 16, 2014. 
  25. ^ Bottalico, Brandi (23 June 2014). "Marley Station Movies reopens with upgrades and new name". Maryland Gazette. Annapolis, Maryland: Landmark Media Enterprises. Retrieved 23 November 2014. 
  26. ^ Linger, Jake (8 July 2014). "Horizon Cinemas Opens At Marley Station Mall". Severna Park Voice. Severna Park, Maryland. Retrieved 23 November 2014. 
  27. ^ "Moody's Affirms 15 and Upgrades One Class of BACM 2005-3". Moody's. Moody's Investors Service, Inc. 26 February 2015. Retrieved 13 May 2015. 
  28. ^ "Moody's Affirms Eight and Downgrades Five Classes of BACM 2005-3". Moodys.com. 
  29. ^ "Marley Station Mall Near Baltimore Gets Appraised at $39.8Mln". Commercial RealEstate Direct. 
  30. ^ "2016 US Store Closings Maryland". About.com. About.com. 
  31. ^ Lehman, Roger. "CMBS Market Watch Weekly". CMBS Market Watch Weekly. Credit Suisse. 
  32. ^ "Marley Station auction". Ten X Auctions. 
  33. ^ Smith, Mark. "Editor-in-Chief". The Business Monthly. 

External links[edit]

Coordinates: 39°8′21″N 76°36′21″W / 39.13917°N 76.60583°W / 39.13917; -76.60583