America’s Top Redevelopers

In its 10th year, the Top Redevelopers survey continues to underscore the industry sea change from ground-up new-builds to redeveloping existing assets. Each year, the names of our Top Redevelopers may change, but their goals remain the same: maximize shopping center portfolios by keeping each asset current, vibrant and viable.



Just like last year, the 2014 survey analyzed redevelopment work from midyear to mid-year — in this case, the 12-month period from June 2013 through June 2014 — to ensure the most current results possible. Survey participants submitted total square footage redeveloped during that period, the number of projects undertaken and, when available, the financial investment for each project. As always, the Chain Store Age judging committee attempted to make the selection process as objective as possible. No easy task. Not enough information is available to develop a foolproof ranking system. Only a few developers report redevelopment financial investments, and many account for redeveloped square footage in differing ways.



This year, we chose a dozen developers based on the number of properties redeveloped, total square feet affected and significant projects. We have summarized the results for each of the 12 developers below in alphabetical order because it is literally impossible to rank one above the other.

Brixmor Property Group

New York City

Brixmor Property Group, a regular on the CSA Top Redevelopers list, redeveloped nearly 6 million sq. ft. in the survey time frame, encompassing some 21 projects in 12 states. The company counts as its most significant redevelopment the Florence Plaza-Florence Square project in Cincinnati, located across from the Florence Mall.



Brixmor leveraged the relocation of a 39,000-sq.-ft. movie theater to enable the expansion of an existing Kroger anchor into a Kroger Marketplace concept. The project encompassed redeveloping the former movie theater and adjacent small-shop space into the 124,000-sq.-ft. Kroger Marketplace, as well as adding a fuel center. Redevelopment was completed in June 2014 for a total cost of approximately $7 million.

Cafaro Co.

Youngstown, Ohio

Another Top Redeveloper mainstay, Cafaro redeveloped 969,066 sq. ft. in the 2013/2014 judging period. The largest project was a top-to-bottom renovation of the 859,475-sq.-ft. Meadowbrook Mall in Bridgeport, West Virginia, accomplished for approximately $5 million. At Eastwood Mall in Niles, Ohio, a $14 million investment redeveloped a former maintenance/storage facility into an 85,305-sq.-ft. Residence Inn by Marriott. Also on the Eastwood Mall Complex, a 24,286-sq.-ft. former Borders Books was redeveloped into two spaces for ULTA and Five Below stores.



Perhaps the most significant project, according to Cafaro, was the Residence Inn by Marriott. Certainly, it was the most costly but, more importantly, it added a whole new dynamic to the shopping complex. By providing direct access from the hotel lobby to the mall concourse, it is helping the Eastwood Mall center evolve into more than just a retail facility and providing a new clientele for the entire complex.

CBL & Associates Properties

Chattanooga, Tennessee

CBL redeveloped a whopping 5,427,448 sq. ft., which encompassed nine projects over six states. The most significant was its redevelopment of Friendly Center in Greensboro, North Carolina. CBL invested $10 million in the renovation, creating a more cohesive look between the 50-plus-year-old property and the newer Shops at Friendly Center down the street.



Renovations included a storefront facade overhaul, updated lighting, landscaping and new signage across the center. The renovations come on the heels of a year that brought several new tenants to the Friendly Center complex, including Whole Foods Market, Wolfgang Puck Pizza | Bar, Sephora and Altar’d State.

DDR Corp.

Beachwood, Ohio

DDR’s 2.2 million sq. ft. of redevelopments included 51 projects and a total outlay of $220 million.



In 2012, DDR acquired Brookside Marketplace, a 602,000-sq.-ft. power center in the Chicago MSA, with an eye toward redevelopment. The company believed that the shopping center’s underutilized parking fields and chronically vacant small-shop space represented a great opportunity to increase the asset’s value. In June 2012, DDR launched a $11.6 million redevelopment project that encompassed 78,000 sq. ft., and consolidated six vacant small-shop spaces into one pad space accommodating Ross Dress for Less and T.J. Maxx.



In addition, the development of two new outparcel buildings allowed DDR to monetize underutilized parking space and further enhance Brookside Marketplace’s tenant mix through the addition of Pier 1 Imports and Panera Bread. The addition of these category-leading national tenants allowed DDR to strengthen the shopping center’s cash flow profile and generate an additional $1.2 million of net operating income, for an incremental unlevered cash-on-cost return of 10.3%.

Donahue Schriber

Costa Mesa, California

Of Donahue Schriber’s 277,000 sq. ft. of redeveloped space during the judging time frame, it counts a Sacramento, California, project as its most significant. Located at the northeast corner of Fulton and Marconi Avenues, Town & Country Village underwent a $16 million renovation in 2013 that encompassed over 378,000 sq. ft. (99,000 sq. ft. counted toward the redeveloped square footage). After listening closely to the feedback of area consumers, Donahue Schriber demolished 103,000 sq. ft. of obsolete space and created three big-box spaces that became home to Bed Bath & Beyond, T.J. Maxx and Ross Dress for Less.



Other redevelopment projects that Donahue Schriber completed in 2013/2014 include Mandalay Village Marketplace in Port Hueneme, California (23,000 sq. ft.); Keizer Station in Keizer, Oregon (20,000 sq. ft.); Bonita Centre in Bonita, California (99,000 sq. ft.); and Laguna Crossroads in Elk Grove, California (36,000 sq. ft.).

Menin Development

Palm Beach, Florida

A newcomer to the CSA Top Redevelopers list, Menin Development redeveloped three projects in South Carolina and Florida in 2013/2014, encompassing nearly 900,000 sq. ft. Of the three — Magnolia Park, in Greenville, South Carolina; Shoppes at St. Lucie West, in Port St. Lucie, Florida; and PGA Plaza, in Palm Beach Gardens, Florida — Menin highlights the Magnolia Park redevelopment as its most significant.



In 2007, Menin acquired what was then called Greenville Mall, a failed and mostly razed center. The vision was clear: Leverage a bustling location at the confluence of two interstates and a major commercial corridor and create a retail destination unlike any other in South Carolina. Despite a schedule slowed by the economic downturn, Menin has turned its vision into reality with the newly named, 500,000-sq.-ft. Magnolia Park, featuring the first Cabela’s in the southeastern United States, as well as South Carolina debuts for Nordstrom Rack, Dave & Buster’s, Yard House, Tucanos Brazilian Grill, Firebirds, Cheddar’s, Pier 1, Destination XL, Bad Daddy’s Burger Bar, Toby Keith’s and Fresh 2 Order.

National Realty & Development Corp.

Purchase, New York

Of the five projects and 274,129 total sq. ft. redev