Latest news with #FeliciaPosey
Dominion Post
30-04-2025
- Business
- Dominion Post
New ownership represents 'pivotal moment' for Morgantown Mall
The Morgantown Mall – which has been located in the city of Westover for more than a decade now – is under new ownership. Felicia Posey, the mall's vice president and senior general manager, recently told Westover City Council the retail center officially changed hands earlier this year. New York-based Kohan Retail Investment Group, which, according to media reports, has developed a reputation for purchasing mall properties across the country, bought the retail space from Washington Prime Group. According to its website, KRIG owns 26 properties in 17 states, including the Washington Crown Center, in Washington, Pa., and The Mall at Robinson, in Pittsburgh. The Dominion Post reached out to the new owners regarding the sale, but did not receive a response in time for this report. 'It had been marketed for a period prior to my tenure. So Morgantown Mall had been for sale in some capacity, most likely since 2015,' Posey said. 'A lot of that was driven by the level of occupancy digress that the center had, meaning anchor spaces were empty and there wasn't a lot of shopping available.' The plight of brick-and-mortar stores in the age of online retail has been well-documented. The Morgantown Mall is no exception. In a relatively short span of time from late 2017 to early 2019, the mall lost three longtime anchors – Sears, Belk and Elder-Beerman. More recently, however, fortunes have turned a bit. Posey said she helped entice Dunham's Sports to fill one of those major openings. The mall has also added Ollie's and finalized a deal with Rural King for a standalone 'out parcel' development. The mall is currently home to more than 50 retail and food businesses, according to information listed at Further, Posey said the 555,147 square-foot mall has become a gathering place for regular community outreach events like 'Toddler Tuesday,' which brings families together with health and wellness-based community service programs on the fourth Tuesday each month. Posey invited city leadership to meet with the mall's new ownership, explaining, 'The ownership of the Morgantown Mall is actually very committed to having a positive relationship with the city, which is a drastic difference from what had previously been.' She said this is a pivotal moment for the mall and its relationship with the city. 'We have the opportunity to drive significant growth, not only on revenue on behalf of the city, but also for the mall. It is the premier location of turnkey spaces that exist in this market, meaning somebody doesn't have to come in and spend a few million dollars to establish a business in the city of Westover. We can start a business here at the Morgantown Mall very easily,' Posey said. 'The growth around Morgantown, even though there's a lot of uncertainty in the market, is very, very real – and especially in the city of Westover.' The Morgantown Mall was opened by Glimcher Realty Trust in 1990. In 2014 – fresh off a multi-year fight with the city of Westover over forced annexation into the city through minor boundary adjustment – a method since eliminated by the West Virginia Legislature – the mall was sold to Washington Prime Group along with all of Glimcher's assets for $4.3 billion. Washington Prime Group, now WPG, filed bankruptcy in June 2021 and began selling its properties. The company, which once counted more than 100 retail properties nationwide in its portfolio, sold off roughly half of its malls and shopping centers in the past year, according to media reports.
Yahoo
30-04-2025
- Business
- Yahoo
New ownership represents 'pivotal moment' for Morgantown Mall
Apr. 29—The Morgantown Mall — which has been located in the city of Westover for more than a decade now — is under new ownership. Felicia Posey, the mall's vice president and senior general manager, recently told Westover City Council the retail center officially changed hands earlier this year. New York-based Kohan Retail Investment Group, which, according to media reports, has developed a reputation for purchasing mall properties across the country, bought the retail space from Washington Prime Group. According to its website, KRIG owns 26 properties in 17 states, including the Washington Crown Center, in Washington, Pa., and The Mall at Robinson, in Pittsburgh. The Dominion Post reached out to the new owners regarding the sale, but did not receive a response in time for this report. "It had been marketed for a period prior to my tenure. So Morgantown Mall had been for sale in some capacity, most likely since 2015, " Posey said. "A lot of that was driven by the level of occupancy digress that the center had, meaning anchor spaces were empty and there wasn't a lot of shopping available." The plight of brick-and-mortar stores in the age of online retail has been well-documented. The Morgantown Mall is no exception. In a relatively short span of time from late 2017 to early 2019, the mall lost three longtime anchors — Sears, Belk and Elder-Beerman. More recently, however, fortunes have turned a bit. Posey said she helped entice Dunham's Sports to fill one of those major openings. The mall has also added Ollie's and finalized a deal with Rural King for a standalone "out parcel " development. The mall is currently home to more than 50 retail and food businesses, according to information listed at Further, Posey said the 555, 147 square-foot mall has become a gathering place for regular community outreach events like "Toddler Tuesday, " which brings families together with health and wellness-based community service programs on the fourth Tuesday each month. Posey invited city leadership to meet with the mall's new ownership, explaining, "The ownership of the Morgantown Mall is actually very committed to having a positive relationship with the city, which is a drastic difference from what had previously been." She said this is a pivotal moment for the mall and its relationship with the city. "We have the opportunity to drive significant growth, not only on revenue on behalf of the city, but also for the mall. It is the premier location of turnkey spaces that exist in this market, meaning somebody doesn't have to come in and spend a few million dollars to establish a business in the city of Westover. We can start a business here at the Morgantown Mall very easily, " Posey said. "The growth around Morgantown, even though there's a lot of uncertainty in the market, is very, very real — and especially in the city of Westover." The Morgantown Mall was opened by Glimcher Realty Trust in 1990. In 2014 — fresh off a multi-year fight with the city of Westover over forced annexation into the city through minor boundary adjustment — a method since eliminated by the West Virginia Legislature — the mall was sold to Washington Prime Group along with all of Glimcher's assets for $4.3 billion. Washington Prime Group, now WPG, filed bankruptcy in June 2021 and began selling its properties. The company, which once counted more than 100 retail properties nationwide in its portfolio, sold off roughly half of its malls and shopping centers in the past year, according to media reports.
