Lionheart Capital, a Miami-based real estate development and capital investment firm’s retail subsidiary Out of the Box Ventures, owner of Lakeside Mall in Sterling Heights, Michigan have announced plans with the City of Sterling Heights for the thoughtful redevelopment of the 110-acre site.
STERLING HEIGHTS — Five years of proactive strategy and planning by Sterling Heights City leadership has helped secure new ownership for Lakeside Mall. Lakeside Shopping Center confirmed the news on December 19th. Out of the Box Ventures, a subsidiary of Miami, Florida based Lionheart Capital, closed on the property on Dec. 19 and will become the new owner of the mall immediately. Long-term plans for Lakeside Mall include adding new uses to the property other than retail over a period of time. Lakeside Mall was acquired by Out of the Box Ventures, after General Growth Properties Inc. defaulted on their $144 million dollar mortgage loan. Lakeside Mall is the largest mall in the state of Michigan with over 1.5 million square feet of retail space.
Out of the Box Ventures is a commercial real estate fund that is part of the fast-growing force of change currently sweeping the retail industry. In under three years, the company has created a proprietary method for unlocking new value in formerly distressed commercial retail space and are scaling rapidly. Out of the Box Ventures’ vision is to 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.
City leadership has been strategically planning the future of the Lakeside area, historically the City’s largest retail hub, for a number of years. Efforts have included formulating the Lakeside Sustainability Plan in 2015, administering a retail market study in 2016 and continuing sustained, targeted outreach to retailers and developers interested in the Lakeside area as brick and mortar retail malls continued to decline across the nation. In 2018, the City adopted the Lakeside Overlay District that allows for a mixture of uses at the Lakeside mall property – an incentive to reimagine the 1.5 million square foot, 100 acre property.
“Our goal has always been to see Lakeside transform a traditional retail mall into a mixed-use space focused on walkability, placemaking and community,” said Sterling Heights Mayor Michael Taylor. “I’m proud of the proactive work we’ve done to help position the Lakeside Mall area for continued success for many decades to come.”
“A redevelopment project of this magnitude could equate to hundreds of millions of dollars just for construction,” said Sterling Heights Senior Economic Development Advisor Luke Bonner. “But this project’s economic impact to the region could far exceed the construction value. It’s imperative that we work toward preserving this critical tax base and increasing the job base of 1,000 currently supported by Lakeside Mall.”
“We are excited about our plans to revitalize Lakeside Mall with a new wave of premium tenancy and engaging activations. We share the City’s vision and look forward to significant collaboration with City officials and the community to ensure Lakeside Mall’s future is promising and a point of pride for the entire region,” said Ophir Sternberg, CEO & Founding Partner, Lionheart Capital. “We have a strong track record for success and expect nothing less for this exciting endeavor.”
Media with further questions can contact Community Relations Director Melanie Davis at [email protected] or by calling 586.446.2471 (o) or 586.303.0923 (m).
TRANSACTION MARKS THE SECOND ENCLOSED MALL ACQUISITION FOR OWNER
Miami, Fl. – Out of the Box Ventures, LLC, a subsidiary of leading Miami-based global real estate development firm, Lionheart Capital, announces the acquisition of Honey Creek Mall in Terre Haute, Indiana. The 676,322 square foot enclosed mall is anchored by JCPenney and Vendors Village and hosts other national tenants including Victoria’s Secret, American Eagle Outfitters, Bath & Body Works, ULTA Beauty, Hollister, Lenscrafters, and Journeys, among others. Located just off of US Highway 41, the property is the only significant regional retail offering along Interstate 70, the major travel route from Indianapolis to St. Louis.
“With the presence of numerous colleges and universities and the regional draw of Terre Haute, the city is on an upward trajectory for growth and we are excited to be a part of that continued change and expansion with Honey Creek Mall,” notes Ophir Sternberg, Founding Partner & CEO, Lionheart Capital.
“The opportunities to re-tenant the former Macy’s and Sears spaces present a plethora of opportunities to bring new and exciting retailers to Terre Haute,” commented Ashley Thornburg, Director of Retail Operations, Lionheart Capital. “The mall’s presence along Interstate 70 presents a unique opportunity to have a widespread reach and provide distinctive and innovative offerings to those in and around Terre Haute.”
“The team at Honey Creek Mall is looking forward to this next chapter,” shares veteran General Manager Kim Ingalsbe, who has served in her role for the past 23 years and initially started as the mall’s marketing director in 1988. “We are confident that Lionheart Capital will be an instrumental part of spring boarding the mall to its fullest potential.”
Out of the Box Ventures has retained prior owner, CBL & Associates, to continuing managing the asset and spearhead the leasing efforts for the mall.
TRANSACTION MARKS THE FIRST ENCLOSED MALL ACQUISITION FOR OWNER
Miami, Fl. – Out of the Box Ventures, LLC, a subsidiary of leading Miami-based global real estate development firm, Lionheart Capital, announces the acquisition of Richland Mall in Mansfield, Ohio. The 733,633 square foot enclosed mall is anchored by Macy’s, JCPenney, Sears and AVITA Health Systems and hosts other national tenants including Victoria’s Secret, American Eagle Outfitters, Chuck E. Cheese’s, Bath & Body Works, Champs Sports, GameStop, Lenscrafters, Christopher & Banks, and The Finish Line, among others. The acquisition includes all but Sears and AVITA Health Systems, which are both separately owned. Located just off of State Highway 30, the property is the only mall within a 45 mile radius and the only significant retail offering along Interstate 71, the major travel route from Cleveland to Columbus.
“As we delve into keeping the center and community evolving together, Out of the Box is exploring green energy and other technology improvement options, and we look forward to forming fruitful partnerships with the Mayor and local municipality to increase the use and appeal of the center to local residents of all ages,” notes Ophir Sternberg, Founding Partner & CEO, Lionheart Capital.
“Considering the regional draw of Richland Mall, we are excited and optimistic about adding new entertainment and fitness offerings, as well as a vibrant food and beverage scene,” commented Ashley Thornburg, Director of Retail Operations, Lionheart Capital. “The presence of AVITA Health Systems’ full service hospital provides a unique opportunity to service over 350 daily employees, patients and their families and also attract additional medical and health related providers.”
“The Richland Team is looking forward to what comes next,” shares General Manager Jodi Scott, who has served in her role for the past thirteen years. “Next year marks the 50th Anniversary of Richland Mall and we are excited to celebrate not only the past, but the start of a new chapter with Out of the Box Ventures.”
Out of the Box Ventures has retained Robert Marona, Senior Vice President and Senior Director of Leasing for Madison Marquette to spearhead the leasing efforts for the mall.
YORKTOWN, Va. – Leading Miami-based global real estate development firm, Lionheart Capital, announces the addition of Big Lots to the tenant line-up for Victory Village, formerly known as Williamsburg Marketcenter on Mooretown Road. In 2016, Lionheart Capital acquired the 176,000-square foot retail center that also includes six outparcels fronting Mooretown Road and is adjacent to Sentara Williamsburg Regional Medical Center.
Miami, Fl. – Out of the Box Ventures, LLC, a subsidiary of leading Miami-based global real estate development firm, Lionheart Capital, announces the acquisition of Walnut Hill Plaza in Woonsocket, Rhode Island. The 300,000 square foot shopping center is anchored by Aero Trampoline, Planet Fitness, and Walnut Hill Bowl and hosts other national tenants including Olympia Sports, Weight Watchers, Savers, Payless Shoe Source, GameStop, T-Mobile and the United States Post Office. Located along the Diamond Hill commercial corridor, the center is poised for repositioning within the market.