Santa Monica Place is undergoing management changes as it seeks revitalization after Macerich defaulted on a $300 million loan. Prism Places was appointed by the court-appointed receiver, Trigild, to manage the property amidst declining valuations, as Morningstar Credit reported a 35% drop since its entry into special servicing. Key challenges include loss of major anchors and tenant turnover in the area. However, Prism's CEO expressed optimism in revitalizing the mall by attracting noteworthy brands and restaurants, fueled by recent policy changes aimed at supporting local economic recovery.
"There have been significant changes in policy that will support Santa Monica's recovery, and we are excited to infuse new brands and restaurants into the mall."
"It is essential to re-evaluate properties like Santa Monica Place, as they hold potential for growth despite the current challenges faced by the retail sector."
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