Marley Station Mall

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Marley Station Mall logo. 2014-?.png
Current logo for the mall.
LocationGlen Burnie, Maryland
Address7900 Governor Ritchie Highway
Opening date1987
DeveloperTaubman Centers
ManagementThe Woodmont Company
OwnerG.L. Harris
No. of stores and services120
No. of anchor tenants4 (1 vacant)
Total retail floor area1,069,000 square feet (99,300 m2)[1]
No. of floors2 (3 in Macy's)
Parking6 parking lots
Public transit accessBus transport MTA Maryland bus: 70
Websitewww.shopmarleystationmall.com

Marley Station Mall is an enclosed shopping mall in Glen Burnie, Maryland. Opened in 1987, it was expanded in 1994 and 1996. The mall includes J.C. Penney, Macy's , Golds Gym and Sears as its anchor stores. The mall has 4 anchors and 120 stores on 2 floors. In 2016 Marley Station was sold to G.L. Harris for $22.7 million.

History[edit]

Taubman Centers completed Marley Station in 1987.[2] At the time, it included two anchor stores: Hecht's and Macy's. During construction in 1985 a body was discovered in a trash can on the site, which was not identified until 2019.[3] Taubman expanded the mall in 1994 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.[12]

In January 2012, AiNET purchased the largest single building at Marley Station mall, the former Boscov's space, to operate the CyberNAP data center.[13][14] Unlike the rest of the mall, the AiNET space is three-stories.[15] At capacity, AiNET expects $1 billion in economic activity and 2,500 jobs at CyberNAP.[16]

In June 2013, AiNET (owner of CyberNAP) expressed an interest in buying all the properties to expand the data center throughout the mall.[17][18] 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."[19][20][21]

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%.[19]

The mall was listed on a real estate web site as being up for auction on September 25, 2013.[22]

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.[23] Two months later mall management announced that the theatres would be renovated and reopened in summer 2014.[24][25] 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.[26][27]

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.[28] As of the 2016 report, the mall[29] 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.[30]

Aeropostale as part of its bankruptcy has announced it will close its store at Marley Station Mall in 2016.[31]

In the most recent appraisal Feb 2016, the mall's appraised value dropped to $31.5M (-22.4%).[32]

Marley Station is listed for auction on the Ten-X website with a starting price of $5,000,000.[33] The mall ownership rebuffed an earlier $10,000,000 offer by AiNET's Deepak Jain.[34]

In an auction ended on October 19, 2016, Marley Station was sold by LNR Properties LLC to G.L. Harris for a price revealed after closing on December 20, 2016, to be $22.7 million. LNR Properties bought the property from TKL East in 2014. TKL East obtained it through foreclosure from original owner Simon Property Group. The mall's vacancy rate was reported in January 2017 to be just over 2%.[35][36]

Current tenants[edit]

  • JCPenney (since 1994)
  • Sears (since 1996)
  • Macy’s (Second Building since 2006)
  • Horizon Cinemas (since 2014)

Former tenants[edit]

  • Macy’s (First Building 1987-2006)
  • Hecht’s (1987-2006)
  • United Artist Theatres (1987-2014)
  • Boscov’s (2006-2008)

References[edit]

  1. ^ "Leasing information" (PDF). Simon Property Group. Archived from the original (PDF) on October 11, 2012. Retrieved January 1, 2011.
  2. ^ Meyer, Caroline (February 23, 1987). "Regional Mall Opening In Anne Arundel County". The Washington Post. Retrieved January 1, 2011.
  3. ^ Massimo, Rick (June 19, 2019). "Police ID body found in 1985 as Md. man missing since 1962". WTOP-FM. Retrieved June 19, 2019.
  4. ^ Mirabella, Lorraine (May 27, 1993). "Marley Station expands with new anchor store". The Baltimore Sun. Retrieved January 1, 2011.
  5. ^ Lee, Consella (October 2, 1996). "Sears opening store at Marley Station Mall; Ritchie Highway location to close, transfer workers". The Baltimore Sun. Retrieved January 1, 2011.
  6. ^ Walker, Andrea K. (April 28, 2006). "Hecht's to Macy's switch to begin; Conversion starts at 3 stores Sunday". The Baltimore Sun. Retrieved January 1, 2011.
  7. ^ Clabaugh, Jeff (February 6, 2006). "Macy's moves out, Boscov's moves in". BizJournals.com. Retrieved January 1, 2011.
  8. ^ "With Boscov's closing three Baltimore-area stores, questions remain about how to replace them". The Daily Record. August 6, 2008. Retrieved January 1, 2011.
  9. ^ a b Blumberg, Sara (September 26, 2012). "Marley Station struggles in weak economy". Maryland Gazette. Annapolis, Maryland: Baltimore Sun Media Group. Retrieved September 27, 2012.
  10. ^ Sharrow, Ryan (March 19, 2012). "Data center to open in former Boscov's Glen Burnie site". Baltimore Business Journal. Retrieved June 30, 2013.
  11. ^ "Business Digest". The Baltimore Sun. August 18, 2004. Retrieved January 1, 2011.
  12. ^ Blumberg, Sarah (May 18, 2013). "Loan dispute forces Marley Station into receivership". Maryland Gazette. Annapolis, Maryland: Baltimore Sun Media Group. Retrieved May 19, 2013.
  13. ^ Censer, Marjorie (March 18, 2012). "More data centers coming to Maryland". The Washington Post. Retrieved April 22, 2015.
  14. ^ FitzGerald, Drew; Ziobro, Paul (November 3, 2014). "Malls Fill Vacant Stores With Server Rooms". The Wall Street Journal. Retrieved April 22, 2015.
  15. ^ Miller, Rich (March 19, 2012). "AiNET to Convert Department Store into CyberNAP". Data Center Knowledge (DCK). Retrieved May 13, 2015.
  16. ^ Maties, Adrian (March 23, 2012). "AiNET to open Data Center in Glen Burnie". Commercial Property Executive. Retrieved May 13, 2015.
  17. ^ Blumberg, Sarah (June 9, 2013). "Looking for a new purpose for Marley Station mall". Maryland Gazette. Annapolis, Maryland: Baltimore Sun Media Group. Archived from the original on June 30, 2013. Retrieved June 30, 2013.
  18. ^ Verge, Jason (June 13, 2013). "AiNET Looking to Convert Entire Shopping Mall to Data Center". Data Center Knowledge (DCK). Retrieved June 30, 2013.
  19. ^ a b Blumberg, Sara (June 29, 2013). "Marley Station mall: Retail is here to stay". Maryland Gazette. Annapolis, Maryland: Baltimore Sun Media Group. Retrieved June 30, 2013.
  20. ^ Sentementes, Gus G. (March 20, 2012). "Data Center: Beltsville company to open data center in former Boscov's store in Glen Burnie". The Baltimore Sun. Retrieved April 22, 2015.
  21. ^ Blumberg, Sara (June 8, 2013). "Looking for a new purpose for Marley Station mall". Maryland Gazette. Annapolis, Maryland: Baltimore Sun Media Group. Retrieved April 22, 2015.
  22. ^ "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 October 18, 2013.
  23. ^ Yoon, Kate (February 22, 2014). "Marley Station mall's movie theater closes". Maryland Gazette. Annapolis, Maryland: Baltimore Sun Media Group. Archived from the original on April 3, 2014. Retrieved February 24, 2014.
  24. ^ 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.
  25. ^ Yoon, Kate (April 15, 2014). "Marley Station movie theater reopening this summer". Maryland Gazette. Annapolis, Maryland: Baltimore Sun Media Group. Archived from the original on April 17, 2014. Retrieved April 16, 2014.
  26. ^ Bottalico, Brandi (June 23, 2014). "Marley Station Movies reopens with upgrades and new name". Maryland Gazette. Annapolis, Maryland: Baltimore Sun Media Group. Retrieved November 23, 2014.
  27. ^ Linger, Jake (July 8, 2014). "Horizon Cinemas Opens At Marley Station Mall". Severna Park Voice. Severna Park, Maryland. Retrieved November 23, 2014.
  28. ^ "Moody's Affirms 15 and Upgrades One Class of BACM 2005-3". Moody's. Moody's Investors Service, Inc. February 26, 2015. Retrieved May 13, 2015.
  29. ^ "Moody's Affirms Eight and Downgrades Five Classes of BACM 2005-3". Moodys.com.
  30. ^ "Marley Station Mall Near Baltimore Gets Appraised at $39.8Mln". Commercial RealEstate Direct.
  31. ^ "2016 US Store Closings Maryland". About.com. About.com.
  32. ^ Lehman, Roger. "CMBS Market Watch Weekly". CMBS Market Watch Weekly. Credit Suisse.
  33. ^ "Marley Station auction". Ten X Auctions.
  34. ^ Smith, Mark (December 1, 2014). "Marley Station: Building Back Up, Looking Ahead". The Business Monthly. Ellicott City, Maryland. Retrieved September 21, 2016.
  35. ^ Davis, Phil (November 19, 2016). "Marley Station mall sold for around $21.5M". Maryland Gazette. Annapolis, Maryland: Baltimore Sun Media Group. Retrieved March 15, 2017.
  36. ^ Mirabella, Lorraine (January 17, 2017). "Marley Station mall sold for $22.7 million". The Baltimore Sun. Retrieved March 15, 2017.

External links[edit]

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