Chapel Hills Mall

Chapel Hills Mall
Location Colorado Springs, Colorado, United States
Opening date 1982
Developer General Growth Properties
Management CBL Properties
Owner Namdar Reality Group
No. of stores and services 154 (as of 2008)
No. of anchor tenants 6 (5 open, 1 vacant)
Total retail floor area 1,103,227 sq ft (102,493.1 m2)[1]
No. of floors 2
Parking 5,800 spaces
Website http://www.chapelhillsmall.com

Chapel Hills Mall is a shopping mall located in Colorado Springs, Colorado, United States. It is a "super-regional mall" with 1,159,187 square feet (107,692 m2) of gross leasable area.[2] It is anchored by Dillard's, Macy's, Burlington Coat Factory, Dick's Sporting Goods, Sears and a 13-screen AMC movie theater.

History

The mall opened in 1982, with renovations in 1985 and 1998. The 1998 renovation included an ice arena, climbing wall, and Borders Books & Music, as well as the addition of JCPenney, which closed in 2014. The space JCPenney used was originally occupied by Service Merchandise. The climbing wall was closed down in 2005. Late in 2006, the ice arena was closed to make room for Dick's Sporting Goods. In September 2006, Macy's replaced the Foley's location like every other department store chain owned by May Department Stores. Woodley's Fine Furniture was located in a 22,313 sq ft (2,073 m2) store until it moved to a larger 40,000 sq ft (4,000 m2) store formerly occupied by Westwood Furniture in Erindale. Dick's Sporting Goods opened a 50,000 sq ft (5,000 m2) store in 2007, and that same year, Burlington Coat Factory took over the former Mervyn's location that had closed in early 2006.

In June 2011, the mall transferred ownership for the first time in its history. General Growth Properties, which emerged from Chapter 11 bankruptcy in April 2009 announced to its stockholders that the Chapel Hills Mall, one of its "underperforming malls," would be turned over to its lender if not sold by summer. A partnership between Coyote Management LP of Dallas and Garrison Investment Group of New York purchased the mall for $71.5 million, $40.7 less than General Growth Properties owed on the mall.[3][4]

In April 2018, ownership of the mall changed hands again, being purchased by the Namdar Reality Group for $33.5 million, less than half of the mall's previous sale price only seven years prior. It has been speculated that the loss of several prominent anchors (such as J. C. Penney, Gordmans, Old Navy, and Borders Books & Music) and the threat of losing others (most notably Sears) was a large contributing factor to a steep reduction in price. Namdar also is the owner of The Citadel (mall), the other enclosed shopping mall in Colorado Springs.[5]

References

  1. ↑ "Chapel Hills Mall Fact Sheet". CBL & Associates Properties. 2014. Retrieved December 11, 2016.
  2. ↑ Form 10-K, 1998, General Growth Properties. retrieved Aug. 4, 2007
  3. ↑ "Can new owners invigorate Chapel Hills Mall?". The Gazette. 2 June 2011. Retrieved 3 July 2011.
  4. ↑ "Work to revitalize Chapel Hills Mall begins". The Gazette. 1 July 2011. Retrieved 3 July 2011.
  5. ↑ "A blue light special? Chapel Hills Mall in Colorado Springs sells for deep discount". The Gazette. 30 April 2018. Retrieved 28 July 2018.

Coordinates: 38°56′42″N 104°47′42″W / 38.945°N 104.795°W / 38.945; -104.795

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