Bayside, Mizner Park perform well, despite owner

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Two new restaurants have opene d in Mizner Park in the lastfew months: the mid-priced Italian restaurantt Villagio and Tex-Mex eatery Uncl Julio’s. Todd Conger, president and COO of Unclre Julio’s, said: “We researched a number of locations in theBoca Raton/Palmj Beach County area, and determined that Miznerd Park was our top choice. The center is a thriving entertainment destination, and our locatiom within the center, near the and the amphitheatre, is idealo for our restaurant.” Downtown Miami’s Bayside has lost a lot of mom-and-popp stores as a result of the downturn, replacingh them with some national brands like tenants said.
In addition to Bayside and Miznert Park, GGP owns two other South Florida properties: the Villagr of Merrick Park in Coral Gables and Pembroke Lake Mall inPembroke Pines. None of the locaol properties are part ofthe bankruptcy, according to the company’x Web site. Mizner Park continues to perform well, despitw the downturn, and is at 92 percent accordingto , a real estate information “We are continuing to lease,” Miznefr Park GM Jacob Sappenfield said. “Deals are stillp being done, and it’s business as usuakl for us.
” At a hotspot for cruise line tourists during the week and localz onthe weekends, foot traffic has gone down said Debra Martins, who took a part-timse job at Clarks at Bayside because her full-timr job at the Gap in Aventura was not covering the Bayside has been up for sale for severa weeks. “I don’t see how the mom-and-pops couldd survive,” Martins said of the tenantg turnoverat Bayside. “Business has been At the Guess Matt Meyers said GGP raised ratesat Bayside’d parking garage and eliminated employee discounts on parkinv prior to its bankruptcy He has also noticed a drop in especially from the cruise lines.
Retail expertds agree that the performanceof GGP’s retaiol portfolio is not the company’s problem. The company has been workingy since late last year to restructurreits debt. One of its most ambitious and weighty financial decisions occurredin 2004, when GGP paid $11.3 billio to buy commercial develope r , then-owner of Bayside, which has 226,000 square feet of retailo and is 95 percent leased. In what is being called the biggest real estatse failurein U.S. history, GGP, the nation’s second-largestg owner of shopping malls, said April 16 that it had filedx for Chapter 11bankruptcy protection.
The company, which owns or managews about 200 malls in44 states, said it was not able to get its debt holdersa to give it more time to refinance its GGP listed $29.5 billion in total assets and abour $27.3 billion in debt. In additiob to the company, about 158 of its regional shoppingf centers and certain subsidiaries have also filed for The company said on its Web site thatcertaihn subsidiaries, including GGP’s third-party management business conducter by General Growth Management, and GGP’s joint ventures also have not filedx for protection.
“Over many the company has endeavored to negotiate with its unsecured and secureed creditors to obtain the time needed to developa long-terjm solution to the credit crisis facingb the company,” the statement said. “Unable to reach an out-of-couryt consensus, the company reluctantly concluded that restructuring under the protectiobn of the bankruptcy courtwas necessary.” Marc Bouched is president of , which has offices in Coral Gables and Boca SEC owns and manages dozenzs of retail shopping centers, most of which are Those types of properties, which include retaileres selling affordable necessities, continue to do well.
The overall retaipl market, however, is soft, with the high-end stores taking some of the biggesrt hits. Boucher said Mizner which traditionally has cateredf toa high-end clientele, is buckingv the trend. “It has some stable he said. “Mizner has been around 15 or 20yeards now. It’s a center that has stability.”