Fashion Outlets of Niagara Falls
Encyclopedia
Fashion Outlets of Niagara Falls, formerly Niagara Factory Outlet Mall and Niagara Factory Outlets, is an outlet mall serving Niagara Falls, New York
. The outlet mall opened in 1982 in a former King's Department Store and connecting plaza. Before this, the site once hosted a drive-in
movie theatre.
Located just outside the City of Niagara Falls, N.Y. in the Town of Niagara, it is about six miles away from the United States and Canadian border. The mall is therefore well known as a 'border mall', with Canadians and associated visiting tourists making up the majority of shoppers at the peak summer and fall seasons. The recent expansion projects are currently reflecting international and New York City-style metropolitan fashion trends. A 1995 expansion added sixty stores, including a Saks Fifth Avenue
outlet store called Off Fifth. In 1997, the mall was acquired by Prime Retail (now part of The Lightstone Group
) for $89 million. A $12 million renovation in 2006 added new tenants and renamed the complex Fashion Outlets Niagara Falls USA. In July of 2011, the Macerich Group of Santa Monica, California bought the Fashion Outlets of Niagara Falls. It was purchased from a subsidiary of AWE Talisman Company for $200 million, including the assumption of the existing debt of $121 million that has an interest rate of 5.90% and a maturity of October 1, 2020. Macerich has entered into a management and leasing agreement for the center with AWE Talisman Co.
Commenting on the acquisition, Edward Coppola, President of Macerich said "We are delighted to have acquired one of the top fashion outlet centers in the country. This initial entry into the fashion outlet business clearly illustrates our intention to expand our footprint in this retail sector well beyond the development of a new outlet center in Scottsdale, Arizona that we announced in April. This center has had very strong sales increases over the past five years and we expect that trend to continue. The center ranks as one of the most productive outlet centers in the country and is a great addition to our high quality portfolio." Macerich is a fully integrated self-managed and self-administered real estate investment trust, which focuses on the acquisition, leasing, management, development and redevelopment of regional malls throughout the United States. Macerich owns approximately 72 million square feet of gross leasable area consisting primarily of interests in 70 regional malls. Additional information about Macerich can be obtained from the Company's website at http://www.macerich.com/.
AWE Talisman is the developer of three Fashion Outlets (inPrimm, Nevada
, Santa Fe
, New Mexico
and Niagara Falls, New York) totaling more than 1 million sf.Arizona, AWE Talisman is also developing the 550,000-sf Fashion Outlets of Chicago in Rosemont, Illinois
.
Niagara Falls, New York
Niagara Falls is a city in Niagara County, New York, United States. As of the 2010 census, the city had a total population of 50,193, down from the 55,593 recorded in the 2000 census. It is across the Niagara River from Niagara Falls, Ontario , both named after the famed Niagara Falls which they...
. The outlet mall opened in 1982 in a former King's Department Store and connecting plaza. Before this, the site once hosted a drive-in
Drive-in
A drive-in is a facility such as a bank, restaurant, or movie theater where one can literally drive in with an automobile for service. It is usually distinguished from a drive-through. At a drive-in restaurant, for example, customers park their vehicles and are usually served by staff who walk out...
movie theatre.
Located just outside the City of Niagara Falls, N.Y. in the Town of Niagara, it is about six miles away from the United States and Canadian border. The mall is therefore well known as a 'border mall', with Canadians and associated visiting tourists making up the majority of shoppers at the peak summer and fall seasons. The recent expansion projects are currently reflecting international and New York City-style metropolitan fashion trends. A 1995 expansion added sixty stores, including a Saks Fifth Avenue
Saks Fifth Avenue
Saks Fifth Avenue is a luxury American specialty store owned and operated by Saks Fifth Avenue Enterprises , a subsidiary of Saks Incorporated. It competes in the high-end specialty store market in the Upper East Side of Manhattan, i.e. 'the 3 B's' Bergdorf, Barneys, Bloomingdale's and Lord & Taylor...
outlet store called Off Fifth. In 1997, the mall was acquired by Prime Retail (now part of The Lightstone Group
The Lightstone Group
The Lightstone Group is a privately held real estate investment company which owns and operates a diversified portfolio of multifamily, office, industrial, hotel and retail properties. Lightstone has invested directly in individual real estate assets and in real estate operating companies...
) for $89 million. A $12 million renovation in 2006 added new tenants and renamed the complex Fashion Outlets Niagara Falls USA. In July of 2011, the Macerich Group of Santa Monica, California bought the Fashion Outlets of Niagara Falls. It was purchased from a subsidiary of AWE Talisman Company for $200 million, including the assumption of the existing debt of $121 million that has an interest rate of 5.90% and a maturity of October 1, 2020. Macerich has entered into a management and leasing agreement for the center with AWE Talisman Co.
Commenting on the acquisition, Edward Coppola, President of Macerich said "We are delighted to have acquired one of the top fashion outlet centers in the country. This initial entry into the fashion outlet business clearly illustrates our intention to expand our footprint in this retail sector well beyond the development of a new outlet center in Scottsdale, Arizona that we announced in April. This center has had very strong sales increases over the past five years and we expect that trend to continue. The center ranks as one of the most productive outlet centers in the country and is a great addition to our high quality portfolio." Macerich is a fully integrated self-managed and self-administered real estate investment trust, which focuses on the acquisition, leasing, management, development and redevelopment of regional malls throughout the United States. Macerich owns approximately 72 million square feet of gross leasable area consisting primarily of interests in 70 regional malls. Additional information about Macerich can be obtained from the Company's website at http://www.macerich.com/.
AWE Talisman is the developer of three Fashion Outlets (inPrimm, Nevada
Primm, Nevada
Primm is a tiny community in Clark County, Nevada, United States, primarily notable for its position straddling Interstate 15 where it crosses the border between California and Nevada...
, Santa Fe
Santa Fe
Santa Fe or Santa Fé may refer to:-Places:*Argentina**Santa Fe, Argentina, a city in Argentina**Santa Fe Province, a province of Argentina*Bolivia**Santa Fé , Bolivia...
, New Mexico
New Mexico
New Mexico is a state located in the southwest and western regions of the United States. New Mexico is also usually considered one of the Mountain States. With a population density of 16 per square mile, New Mexico is the sixth-most sparsely inhabited U.S...
and Niagara Falls, New York) totaling more than 1 million sf.Arizona, AWE Talisman is also developing the 550,000-sf Fashion Outlets of Chicago in Rosemont, Illinois
Rosemont, Illinois
Rosemont is a village in Cook County, Illinois, United States located immediately northwest of Chicago. The village was incorporated in 1956, though it had been settled long before that...
.