6/9/08 Weingarten to cut Ridgeway Trace by 50,000 sf, Best Buy may back out Memphis Business Journal - by Einat Paz-Frankel Staff writer
Weingarten Realty Investors is seeking to decrease the footprint of Ridgeway Trace Center by about 50,000 square feet.
According to the developer's Web site, the new site plan for the talked-about East Memphis shopping center eliminates nearly 30,000 square feet of second-floor retail that appeared on the previous plan in February. In addition, the new layout of buildings on the site will eliminate another 20,000 square feet.
The new layout includes more outparcels, similar to a power center, compared to the former site plan, which included a large lifestyle center area.
Excluding Target Corp. (NYSE: TGT), which owns its own lot at the site, Ridgeway Trace's plan now encompasses 175,750 square feet of retail space in three junior anchors, seven outparcels and two buildings suitable for restaurants.
Parking space will also be decreased.
This is the third site plan revision requested by Weingarten, according to a report by the Memphis and Shelby County Office of Planning and Development. Weingarten's continued changes are largely in response to "market changes," according to the report.
ING International Real Estate fund manager likes REITS with what he calls "fortress malls," i.e. Class A space, which holds up well in recessions. Names SPG and GGP. Notes that SPG alone owns 20 percent of the class A malls in the U.S. Considers it trading at 15-20% discount.