Vintage Real Estate Acquires Heritage Mall, Opens New Old Navy and Hobby Lobby.
December 7, 2012 — Fred Sands, Chairman of Vintage Real Estate, announced today that the company has acquired the approximately 406,500-square-foot Heritage Mall in Albany, Oregon. Heritage Mall is a major shopping destination for the city and Linn County with more than 52 major retailers, boutiques and restaurants including Target, Sears, Hobby Lobby, Ross Dress for Less and Old Navy, Maurice’s, rue 21, Zumiez, Famous Footwear, Game Stop and Bath & Body Works.
“Heritage Mall is well-located in the center of Albany, which is one of the fastest growing cities in Oregon. We have the capacity, both in terms of capital and management, to reposition the mall and improve its performance by adding many national tenants. It is a strong addition to our retail real estate portfolio,” noted Sands. This is the first retail property investment for Vintage in Oregon. The company focuses on retail properties and owns numerous properties in California, Washington and other states in the U.S.
Heritage Mall, located at 1895 14th Avenue SE, is set on 33 acres just west of Interstate 5, the region’s major thoroughfare, and is just north of Corvallis, home of Oregon State University and its more than 26,000 students. The mall was remodeled in 2006 and currently is 50 percent occupied.
“The mall is a solid property with tremendous potential in a strong market. We have a long-term strategy that builds on the strengths of this asset such as its central location and the recent property improvements. With our retail relationships and experience, we can re-merchandise the mall and enhance its appeal to consumers throughout the region,” said Charlie Christensen, Executive V.P. Asset Management, Vintage Real Estate.
Roger Burghdorf, Executive V.P. of Leasing for Vintage adds, “Along with discussions already in progress for numerous additional national tenants, we have identified a replacement anchor for the vacant Gottschalks space. This new anchor tenant, along with the planned redevelopment, will generate significant new customer traffic and allow Vintage to upgrade the existing tenant mix and increase occupancy.”
Vintage Real Estate acquired the mall from a consortium of lenders.