Divaris Solutions for Severna Park Marketplace

Photo of Giant supermarket at Severna Park Marketplace, MD

Severna Park, MD, 300,000 s.f. power center
was renovated and re-tenanted.

HISTORY

John Hancock Life Insurance Company appointed Divaris Real Estate as the leasing and management company for the former Severna Park Mall, a vacant 300,000 square foot enclosed community shopping center anchored by Giant and Caldor. Giant operated a 30,000 square foot grocery store and Caldor had recently filed Chapter 11 bankruptcy. Strong demographics in the immediate trade area and high traffic patterns supported a redevelopment of the shopping center.

SCOPE OF ASSIGNMENT

Divaris Real Estate was asked to create and implement a strategic plan for redeveloping the shopping center. This plan included the following initiatives:

Demolishing the former interior mall space and relocating Giant from its current 30,000 square foot space to an adjacent 63,000 square foot space. The new premises was to be located where the former mall space had been.

Renovate the parking lot, relocate the main entrances to the property, renovate the buildings, create new landscaping, signage, and service areas. The renovation also included new utilities, life safety systems, and common areas.

Re-tenant the vacant spaces, including three new large retail spaces and numerous smaller specialty stores

RESULTS

Severna Park Marketplace’s transformation is complete. The shopping center has been renovated and remerchandised with such notable tenants as Kohl’s, Old Navy, Office Depot, Giant, Atlanta Bread Company, Bath & Body Works, Hallmark, and EB GameWorld. The center is currently under contract for sale at an 8.75% cap rate.