Developed in 1968 by The Rouse Company, Eastfield Mall is located in Springfield, MA and was Western Massachusetts' first enclosed mall. Anchored by Sears, JC Penney's and Macy's, it had a total GBA of approximately 750,000 sf and, by the 1990's, began a steady but rapid decline in occupancy and tenant sales due to newer, larger, and better positioned competition in the superregional trade area.
The Eastfield Trade area was and is composed of the better income neighborhoods of eastern Springfield as well as surrounding suburban villages and townships to the north and east of the city. This provided a well defined area, bordered by natural boundaries like rivers, with above average incomes for the region, where a mall of convenience could be established, addressing the suburban customers need for a community gathering place in addition to a wider variety of customer shopping needs increasing total mall sales overall.
Sold to MDC in 1997, the property had declined to approximately 50% in-line occupancy with in-line tenant sales just under $250 psf and a tarnished image in the community. MDC immediately brought in the Promotion and Marketing Team to stabilize the property while renovation and repositioning plans were formulated. Existing tenants were renewed on a short-term basis to preserve occupancy. A comprehensive plan for cost-effective, physical upgrades to the property was established and, based on this plan, leases totaling 38,000 sf were signed with prominent national apparel retailers as well as with National Amusements for a 66,000 sf stadium seating 16-plex cinema.
MDC negotiated a joint venture agreement with one of the nation's most prominent financial institutions and implemented the physical upgrades to the property. Upon completion of the renovations in early 2000, aggressive leasing of the property began. By year-end 2007, the Mall had reached 95% overall occupancy, 80% permanent occupancy, and in-line tenant sales averaging $375 psf. Further leasing is ongoing with notable unique tenants such as Hannoush Jewelers Factory Store: 21,500 sf housing all of the regional jewelers manufacturing offices, shipping, and a 5000 sf retail store featuring a Pandora store within a store.
Occupancy in 2010 is holding steady at 99% with a unique mix of national, regional, and local tenants, supplemented by a temporary leasing program consisting of RMU’s, Kiosk’s, and revenue producing marketing opportunities.