New owner for Flagstaff Mall in Arizona
The 388,000-sq.-ft. Flagstaff Mall has been acquired by Dallas-based Cypress Equities for an undisclosed sum. The single-level center opened with two anchors in 1979 and added a third anchor when it was expanded in 1987.
Cypress plans to add three outparcel pads amounting to 18,000 sq. ft. to the former Woodmont property, and is exploring the conversion of select inline retail space to new uses. “It is our goal to establish Flagstaff Mall as the dominant retail destination in northern Arizona,” said Cypress CEO Chris Maguire.
Cypress was attracted to Flagstaff for its population of 28,000 students at two colleges and its proximity to attractions such as Grand Canyon National Park, the Meteor Crater, and Oak Creek Canyon.
The company noted that Flagstaff Mall draws shoppers from a 60-mile radius and that its nearest mall competition is 90 miles distant.
Flagstaff Mall is anchored by J.C. Penney, Dillard’s and Sears. Other current tenants include Bath & Body Works, The Children’s Place, Foot Locker, Kay Jewelers, Payless ShoeSource, Rack Room Shoes, and Victoria’s Secret.
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