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Marshalltown Marshalltown, Iowa Message Board -- includes Rhodes, State Center, Tama, and Toledo (in Marshall County)

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  #1  
Old 08-12-2011, 10:49 AM
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Default Marshalltown Mall

I was at the Marshalltown Mall last night and if anyone thought the North Grand Mall in Ames was struggling they haven't seen this mall. Either half of the stores were closed because I was there at 6pm or there were a lot of vacancies.
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Old 08-12-2011, 11:22 PM
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Just wait until the Menards moves out of the mall next spring.
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Old 09-15-2011, 02:17 PM
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Their new building next to Theisens is going up fast.
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Old 10-05-2011, 01:26 PM
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The mall has been in receivership since August of 2010 and now foreclosure proceedings are beginning. I feel sorry for Mama Digrados who just moved out there. Not sure what attracted them there in the first place.

It seems the plan since it was purchased by GK Development has been to run everyone out of the interior of the mall with unfavorable lease renewal terms. They still make money on any business that closed due to bankruptcy etc that has a lease agreement with them and the small handful of stores that are left. Once it's been deserted I'm guessing it will be sold to a new developer who will raze it and turn it into something new.

Now we just sit and wait...
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Old 10-05-2011, 02:02 PM
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I guess profit is all that matters.

So the businesses that bankrupt still have to pay rent through their lease period?
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Old 10-20-2011, 10:21 AM
MrMarshalltown MrMarshalltown is offline
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That is correct in most cases. If a tenant pulls out of their lease early, due to lack of business or the corporation goes bankrupt they are responsible to continue paying their rent until the end of the lease period. In the case of bankruptcy they may have to wait a while to get the payment as the courts work through it. The mall or property owner/broker's responsibility is to market the area to fill the space so that the original tenant who vacated does not have to continue payments.

In the case of the Marshalltown Mall, you can see there is one sign in the old Big Lots and a couple of kiosks scattered throughout the mall. The mall management can say they are adequately advertising to fill those lease spaces. With it being in foreclosure and in receivership my guess is they are not pulling out all the stops to market these spaces and are just taking any lease payments they are owed when they originally signed the agreements.
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Old 10-20-2011, 01:32 PM
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Isnt that always the case, the city backs a new mall/ development and the old one goes out of business, Note, Des Moines Jordan Creek has all the business, while downtown and most of the Burbs wither and die. The new has lots of tax rebates while the old must still pay full taxes.
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Old 10-21-2011, 11:28 AM
MrMarshalltown MrMarshalltown is offline
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That would be the case here with the new Menards and Jimmy John's being built. Tax forbearance, new utilities/infrastructure constructed at the tax payers expense.

If I had a choice I'd spread the wealth. There's no reason Marshalltown's downtown can't look nice and be a destination for those who choose to shop here, the same goes for our run down eye-sore mall or the old Econofoods. Offer these incentives to get these areas re-developed and used by those who choose to use them. We seem to be attracted to that new shiny toy and forget about the toy we've been playing with over the years.
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