Centennial takes over management at Connecticut's Trumbull Mall
Centennial has added a longstanding Connecticut mall to its management and leasing portfolio.
The real estate owner and operator has been awarded the management and leasing contract for Trumbull Mall, Connecticut’s first enclosed shopping center located in the affluent Fairfield County. First opened in 1964, Trumbull Mall spans 1.13 million sq. ft. of retail, dining, and entertainment space, and features over 100 tenants, including popular brands like Macy’s, JCPenney, Target, Apple, Sephora, H&M, and Skechers.
Under the agreement, which took effect today, Centennial will provide a full spectrum of management services for the property – including property management, leasing, marketing and accounting – while it is in receivership. Trumbull Mall will remain open and fully operational throughout this management transition.
The announcement from Centennial comes shortly after it was announced that the owner of Trumbull Mall defaulted on the $152.3 million loan it took on when it acquired the shopping center in late 2002 from Unibail-Rodamco-Westfield.
“We are excited to have been selected to be the transitional steward of Trumbull Mall as it enters an important new chapter and the search for its next owner,” says Paul Kurzawa, president of Centennial. “Next steps include stabilizing the business and enhancing the guest experience while simultaneously identifying opportunities to create additional value for the community and the property’s stakeholders.”
Last week, Centennial took over another mall in receivership: the 850,000-sq.-ft. Greenwood Mall in Bowling Green, Ky.
[READ MORE: Centennial takes over management of Kentucky mall in receivership]
Centennial operates 25 million square feet of mixed-use destinations in 18 states. Other notable properties that Centennial manages on behalf of third-party owners include Arden Fair in Sacramento, Calif.; Bella Terra in Huntington Beach, Calif.; Liberty Center in Liberty Township, Ohio; MarketFair in Princeton, N.J.; Promenade Saucon Valley in Center Valley, Pa.; Providence Place in Providence, R.I.; The Summit Birmingham in Birmingham, Ala.; and The Shops at North Bridge in Chicago.
