Pennmark Brings Roses Department Store to Clearfield Boosting Center Occupancy to 90%
In 2018 when Pennmark acquired the Clearfield Mall through an online auction with Ten-X, they already have a history in Clearfield which included a successful redevelopment of the Clearfield Plaza, a center in a similar situation to the enclosed mall when purchased.
The recent addition of the Henderson, South Carolina-based discount department store Roses is just one more piece to the puzzle that has become clearer over the past 12 months. The Clearfield location will be the first in Central Pennsylvania with a multi-state rollout in the works. Pennmark's newest tenant will be occupying nearly 40,000 SF and will bring a variety of products that should appeal to just about everyone but most importantly creating value for the everyday shopper!
Similar to that of putting together a puzzle, Pennmark immediately identified the pieces needed to bring this 160,000 SF center back to life when it was only 60% occupied at the time of acquisition. In the true spirit of the phrase "nothing happens overnight" pieces began to be put in place starting with the relocation and expansion of an undersized Goodwill in 2019, which saw the soft-good retailer go from 5,500 SF to 15,000 SF. With progress being the name of the game here, over the next 24 months, Pennmark added new national tenants Anytime Fitness, Harbor Freight, and now Roses Department Stores.
None of this came without hard work, persistence, and infusing additional capital into the project. In 2020 and part of 2021 Pennmark increased the Capital Projects Budget to ensure that the center received the attention it needed to bring into the modern era. Starting in 2020, Pennmark took on a façade project which saw the property get a facelift from Anytime Fitness to what will now be occupied by Roses. Shortly thereafter the property had the parking lot repaved and upgraded the existing parking lighting to new led fixtures. These projects, as well as a few others, saw the owners of the property invest well over $300,000 in improvements alone.
With a new take on life from both leasing and property management prospective tenants that may have left at the expiration of their existing lease have renewed, this includes Wine and Spirits, PennDot Driver Licensing Centers, Cricket Wireless, and Ollie's Bargain Outlet. Ollie's in particular expanded their existing location to 45,000 SF during the renewal process.
With the property 90% occupied, Pennmark turns its attention to the remaining opportunities at the center. Those opportunities range from 2,500 - 5,500 SF and present great opportunities for local operators! It is believed that these options could be perfect for a sit-down style restaurant, nail salon, or similar beauty-related business and there is still a need for strong medical options in the town.
One thing that holds true is that Pennmark has made an impact on the Clearfield Community over the years with the Plymouth Meeting-based developer breathing new life into not one but two shopping centers in the town. Pennmark Management CEO Don Cafiero had this to say when asked about the progress "Our job here is just beginning, while we stabilized the centers, brought jobs to the community, and gave something positive to the area. We must work to keep them from returning to their previous conditions"