Enclosed mall continues operations as JV partners repurpose it as a mixed-use lifestyle center
Commercial real estate services firm Cushman & Wakefield, Inc. and Buffalo-area affiliate Pyramid Brokerage Co. today announced the successful sale of a partnership interest in Mountain Development Corp.’s Eastern Hills Mall to Uniland Development Company. The 86-acre shopping center, located about 15 miles from Buffalo, will remain open while the joint venture partners repurpose the enclosed regional mall as Western New York’s first ‘Live, Work, Play’ open-air multiuse town center.
“The sales offering attracted impressive interest from a national roster of developers and investors, and we were encouraged to see the confidence and aggressive bidding from local development firms” noted Brian Whitmer, Cushman & Wakefield executive director. “The real estate community recognized the uniqueness of the opportunity given the multitude of factors that are in support of a successful repurposing. The mall offers a critical mass of 951,412 square feet of total gross leasing area at the heart of a concentrated retail corridor surrounded by major retailers. Eastern Hills is situated within the affluent northeast section of the Buffalo MSA, along the highly trafficked Transit Road (Route 78), one mile from I-90 and four miles from the Buffalo Niagara International Airport. Major tenants at Eastern Hills include Bon Ton, Dipson Theaters, JC Penney, Orvis Sporting Goods, and Sears.”
Whitmer is a member of the Cushman & Wakefield team that served as exclusive agent for Mountain Development Corp. The team also included Andrew Merin, David Bernhaut, Gary Gabriel, Seth Pollack, Joyce MacKnight, Ben Borruso and Kubby Tischler.
“We’ve been working behind the scenes for quite a while and are now at a place where we can begin the process of turning this ultimate vision into reality with Uniland’s guidance,” said Chuck Breidenbach, managing director of retail for Mountain Development. “Since it will become Western New York’s first ‘Live, Work, Play’ development, it’s an excellent opportunity for all types of businesses and multifamily residents to participate in the unique aspects of a very large and professionally managed community, especially before design and construction are underway.”
During the redevelopment process, the Eastern Hills Mall continues to operate as normal. Uniland has established an information page at http://www.uniland.com/
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm with 45,000 employees in more than 70 countries helping occupiers and investors optimize the value of their real estate. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visitwww.cushmanwakefield.com or follow @CushWake on Twitter.
