MANSFIELD – Just in time for the holiday shopping season, indoor malls that been closed during the COVID-19 pandemic are reopening across the United States.
JLL Retail has announced it has been selected to manage two retail locations for Out of the Box Ventures, a subsidiary of Lionheart Capital and commercial real estate fund currently sweeping the retail industry.
The portfolio is comprised of two enclosed malls that recently reopened: Haute City Center located in Terre Haute, IN, and Richland Mall Mansfield in Ontario, Ohio.
“Even in the midst of the pandemic and so much uncertainty, we are excited to partner with JLL to strategically manage our mall locations and to bring customers safely back into their neighborhood stores,” said Ophir Sternberg, Founder & CEO, Out of the Box Ventures. “With JLL’s assistance, our vision is to eventually transform these retail spaces into dynamic mixed-use destinations, designed to be as functional as they are impactful in the revitalization of their surrounding areas and communities.”
Recently, JLL’s Americas Director of Retail Research, James Cook, visited Haute City Center and recorded a video to give viewers a visual of “How is the mall preparing for the holidays?”
“After visiting Haute City Center it’s clear they are doing everything possible to maintain a safe environment for customers during the holiday season and working to give shoppers a similar holiday experience,” said Cook. “More people than ever are doing buy online and pickup in store or curbside pickup, which is a trend Haute City Center has already put into action.”
With retail changing faster than ever, JLL recognizes the drive to increase neighborhood tenancies for mixed uses and the innovation to expand portfolios by maximizing the value of underperforming assets. An attractive option many retail property owners are exploring is converting retail spaces into medical use, which is found in a recent JLL Healthcare report.
“Our team at JLL was purposefully selected by Out of the Box Ventures because of our robust combination of expertise to strategically manage and increase local leasing efforts for both temporary and long-term retailers,” said Daymon Ward, Vice President of Retail at JLL. “We offer a synchronized approach for best use and overall value of retail assets, which will be extremely profitable for Out of the Box Ventures future goals.”