Florida development company buys JCPenney, Macy's spaces at Lakeview Square Mall
Miami-based Lionheart Capital acquired the former Macy's and JCPenney properties at the Lakeview Square Mall and is in "active discussions with numerous retailers" about the spaces, a company official said.
"Our goal is to bring new attention to the community and repurpose and reinvigorate those spaces," the company's director of retail operations, Ashley Thornburg said. "A large part of that is really focusing on family and family entertainment and activities that really support the community and give not only families but the community at large a place to go and that’s really our ultimate goal."
It's possible the spaces could have tenants by next year.
"Obviously a lot of the timing depends on whether a tenant is taking the entire space or whether we’re subdividing the space for numerous users, so that’s really the point that we are at now," Thornburg said.
Over the last year, Lakeview Square Mall on Beckley Road has lost all of its department stores.
Macy's Inc. announced in January 2017 it would close its Lakeview location.
After more than 90 years in Battle Creek, JCPenney closed in July 2017.
Most recently, Sears Holdings Corp. announced the Battle Creek location will close in February 2019.
Lionheart Capital, a global real estate investment and development firm, also owns a former JCPenney at the Midland Mall in Midland, a former Macy's at the Birchwood Mall in Fort Gratiot and several other former department stores at malls in Florida, Ohio, Maine, New York and Pennsylvania.
Lionheart purchased the Macy's property in January 2018 and the JCPenney property in November 2018 through suppressed sales, so the sale prices aren't available in public records, according to county records accessed through BS&A Online.
The 100,545-square-foot Macy's is valued at about $1 million. The 85,957-square-foot JCPenney is valued at $855,810.
"We just feel that there’s a lot of opportunity in Battle Creek based on the population and demographics," Thornburg said. "There are ways to enhance and improve the retail offerings in this community."
The city of Battle Creek's economic development team plans to meet with leaders of Illinois-based GK Development Inc., which owns the mall, and the new owners of Macy's and JCPenney next year to talk about their visions for the properties.
"We are encouraged more than we have been that they understand the old mall structure and format doesn't fit today's retails needs," City Manager Rebecca Fleury said.
The mall's location is "an important commercial corridor for us," Fleury said.
While trying to get a long-term tenant in the space, Lionheart filled the Macy's space this fall with a Spirit Halloween store.
The company still believes there's demand for brick-and-mortar retail stores, but also knows it's not likely that a clothing retailer is going to want an 80,000-square-foot space.
There's a great likelihood of the spaces being mixed-use: part retail, part entertainment or even medically driven.
"We know [brick-and-mortar retail] is not going to go away, and we know there’s still a tremendous need and demand for that, so we are very optimistic about being able to bring new life to these spaces where maybe previously a tenant just had too much space," Thornburg said. "We feel very confident that there are lots of ways to make these spaces lively again."
GK Development declined to comment for this story.
Contact Kalea Hall at (269) 966-0697 or khall@battlecreekenquirer.com. Follow her on Twitter at @bykaleahall.
More: Macy's to close stores in Battle Creek, Lansing
Closing date set for Battle Creek's JCPenney store
Battle Creek's Sears to close in February
Battle Creek's Kmart set to close in January