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Edited 1 time(s). Last edit at 06/01/2014 02:38AM by chuckhoffmann.

Very interesting developments. Thanks for posting Chuck, I'm most curious to see what the final outcome will be.

As long as they re-open the DMV office where mi and mi amigos can get driver's licenses so our anchor babies can stay in los estados unidos I'm fine with it.

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Edited 1 time(s). Last edit at 06/03/2014 08:04PM by chuckhoffmann.

The smartest thing to do at that location would have been to build a convention center, additional hotels, and a lot of bars/ restaurants. Could have been a huge moneymaker for afairfax County, the mall is dead, and similar shops/amenities etc. are close by anyway (Kingstown, etc.)

One mall already failed over there due to large part to all of the illegal gangbangers hanging out over there. E commerce sales are increasing and the future of retail isn't brick and mortar retail stores.

That part of the county is a complete dump. Clearly not a well thought out concept at all.

PREIT overpaid for this disaster by at least $150 million. Having building permits issued for a police substation should tell somebody something...

All the dumb ass boondocks residing Chantilly rednecks are eating crow now that Springfield Mall is worth half a billion.



Edited 1 time(s). Last edit at 05/02/2014 10:01PM by Gerrymanderer2.

chuckhoffmann Wrote:
-------------------------------------------------------
> It looks like investors in the Pennsylvania Real
> Estate Investment Trust are punishing their stock
> for their decision to buy the Springfield Town
> Center.
>
> Also, according to this, there's going to be a
> police substation at the new Springfield Town
> Center, just like there was at the old Springfield
> Mall.
>
> Was $465M too high a price to pay for
> Springfield Mall? Investors say yes
> By Michael Neibauer
> Apr 29, 2014
> http://www.bizjournals.com/washington/breaking_gro
> und/2014/04/was-buying-springfield-mall-a-huge-mis
> take-for.html?fb_action_ids=10152403219533735&fb_a
> ction_types=og.comments

Top executives
> with the Pennsylvania Real Estate Investment Trust
> are convinced that their pending $465 million
> acquisition of the Springfield Town Center will
> pay big dividends.
>
> Investors and analysts? Not so much. PREIT’s
> stock (NYSE: PEI) is down 12 percent since March
> 3, when it joined Vornado Realty Trust, the mall's
> current owner, to announce the arrangement.
> PREIT's stock opened Tuesday's trading at $16.52.
> It closed March 3 with a price of $18.39.
>
> During a recent earnings call, PREIT CEO Joseph
> Coradino faced tough questions from Citi Managing
> Director Michael Bilerman, who suggested the trust
> should be looking for a way out — either walking
> away or restructuring the deal.
>
> “Since you’ve announced that transaction, your
> stock is down 12 percent,” Bilerman said.
> “You’ve lost almost $160 million in equity
> market cap. REITs over that time were up 1
> percent, malls were up 3 percent. Do you step back
> and sort of say, maybe the market is telling us
> something?”
>
> Yes, Coradino responded, the market is “telling
> us that they don’t feel the way we feel about
> the acquisition in Springfield Town Center.” But
> PREIT is unwavering, despite the “execution
> risk.”
>
> “The strategic location, superior demographics,
> quality of the renovation and demonstrated tenant
> interest confirms the potential of this
> property,” he said. “The property has it all.
> It’s accessible to mass transit at the
> confluence of three major interstate highways. It
> is located in one of the densest, highest income,
> well-educated, under retail trade areas with
> unemployment levels significantly below the
> national average. It has it all.”
>
> Coradino described leasing progress as
> “strong,” with roughly 65 percent of the
> mall’s in-line spaces committed and a “robust
> queue of prospective tenants.” According to a
> PREIT investor presentation, the 1.35
> million-square-foot mall is scheduled to reopen
> Oct. 17.
>
> Bilerman followed up that the cost of entry into
> Springfield was “too much.” But when the
> analyst suggested stock buybacks, more asset sales
> or even selling the company to strengthen investor
> confidence, Coradino said, simply, “We
> execute.”
>
> “It’s a marathon, it’s not a sprint,” he
> said. “The belief isn’t blind faith at this
> point. It’s important that you get that. I mean,
> the kind of tenant interest in negotiations that
> we’re in at Springfield Town Center clearly tell
> us that this was the right thing to do and that
> what we believed we could achieve there is
> achievable and will be achieved.”
>
> Coradino's "marathon" statement may be a reference
> to the fact that PREIT is not only buying the
> mall, but also its vast surface parking lots that
> are planned for future residential and commercial
> redevelopment. Hence, the town center.
>
> As an aside, the latest permits I’ve noted for
> the Springfield Town Center include The
> Children’s Place and Victoria’s Secret. Also,
> permits were issued for the police substation and
> the management office.

444444444444

chuckhoffmann Wrote:
-------------------------------------------------------
> If the FBI decides to relocate to the GSA
> warehouse site, this will likely be considered a
> genius move by PREIT. However, that's a nearly
> half-billion dollar gamble.

archived3333333333333

Now got a place to hang out ma amigos.

Gerrymanderer2 Wrote:
-------------------------------------------------------
> All the dumb ass boondocks residing Chantilly
> rednecks are eating crow now that Springfield Mall
> is worth half a billion.

---------------------------------------------------

It is clear G2 is not from Chantilly, and apparently thinks it's in the boonies. It is much more likely that he lives closer to Springfield Town Centre, especially considering all of his pro town centre posts before the big opening.

All the manliness of Paris Hilton's chihuahua.