Centennial takes over management of Sacramento’s biggest mall
Centennial, which owns and/or operates some 30 regional malls and mixed-use centers in the United States, has added a key property to its portfolio.
The Dallas-based company has been awarded the management and leasing contract for Arden Fair, Sacramento’s largest regional shopping center and dominant fashion destination. The 1.1 million sq. ft. center, owned by Fulcrum Property, is anchored by Macy’s and JCPenney. Other key tenants include Apple, Michael Kors, Lululemon, Express, and Seasons 52.
“Helping shopping center owners from coast to coast manage complex retail environments has become a hallmark of success for Centennial. We have a proven playbook for creating value in assets that are poised for growth,” said Centennial’s president Whitney Livingston.
Arden Fair will be Centennial’s fifth California property, the others being Valencia Town Center in Valencia, MainPlace in Santa Ana, Mission Valley in San Diego, and Pacific City in Huntington Beach, which last year was named as one of Chain Store Age’s Top 10 Retail Center Experiences.
Arden Fair features a formidable lineup of some 30 food-and-beverage bands. Besides Seasons 52, choices include BJ’s Restaurant/Brewhouse, Ruby Thai Kitchen, Gen Korean BBQ, Cold Stone Creamery, Charleys Philly Steaks, and 85C Bakery Café.
“Together with our investment partner AEW, we’ve selected Centennial to manage this property based on its past successes in creating best-in-class retail real estate and its vision for transforming well-located properties into community-centric destinations for the next generation,” said Fulcrum Property’s chairman Mark Friedman.
Centennial’s founder and chairman Steven Levin, himself a former retailer, is of the opinion that both retail real estate owners and retailers must constantly remain in tune with an ever-evolving consumer population to continue to warrant their attention.
“Consumer behavior and trends are always changing, and, therefore, leaders of retail brands must always be preempting those changes,” wrote Levin in Chain Store Age. “I always felt that as a retailer you needed to reinvent yourself about once every seven years, and that still holds true today.”