TRUMBULL – Centennial, the management company now in charge of managing and leasing at the Trumbull Mall, has told First Selectman Vicki Tesoro it has begun to address the many issues left behind by the owner as the 5065 Main St. property went into receivership last month.
In a July 1 update posted on the town’s website, Tesoro wrote that on Wednesday, June 25, her administration met with the property management leadership from Centennial to discuss the latest on the Trumbull Mall. Centennial is a Dallas-based retail real estate owner and operator with a national portfolio of shopping, dining, entertainment and mixed-use destinations.
“The meeting was positive, productive, and candidly, a breath of fresh air,” the first selectman wrote. “While there is a great deal that needs attention at the Trumbull Mall, I was encouraged by the immediate steps Centennial is taking to create a better environment for shoppers and businesses.”
According to Tesoro, Centennial – the management company that also operates the Connecticut Post Mall in Milford – has thoroughly assessed the condition of the property. The Trumbull Mall has been owned by Namdar Realty Group in partnership with Mason Asset Management since it purchased it two years ago.
“Their first order of business is to repair the air conditioning system which was nonfunctional during the recent heat wave,” she wrote. “They are investing significant dollars immediately to repair the system. They are addressing landscaping, garbage, and potholes. They have already returned the sweeper to the site so the lot can be cleaned on a regular schedule.”
Steve White, executive vice president, property management for Centennial, told Tesoro that his company is addressing the mall’s condition first.
“We recognize that the mall has experienced challenges in recent years, and our immediate focus is on improving the condition of the property and laying the foundation for a better experience, one that serves both our tenants and the broader community,” he said.
When Centennial was chosen to manage the Trumbull Mall, its President Paul Kurzawa explained the importance of what is at stake.
“We are excited to have been selected to be the transitional steward of Trumbull Mall as it enters an important new chapter and the search for its next owner,” Kurzawa said. “Next steps include stabilizing the business and enhancing the guest experience while simultaneously identifying opportunities to create additional value for the community and the property’s stakeholders.”
Over the past three months the condition of the mall has worsened as the number of store tenants has markedly increased. (See related Fairfield County Business Journal story)
“Many in the community have read about recent events related to the disposition of the Trumbull Mall,” according to Tesoro.
As of June 12 Centennial took over day to day property management of the Trumbull Mall. They are now handling maintenance, security, marketing and leasing efforts.
“They are a professional and experienced manager,” Tesoro wrote. “We see the arrival of Centennial to the Trumbull Mall as a very positive step to improve conditions at the mall while the disposition of the property plays out.”
Centennial has told Tesoro they are planning significant operational changes and an increase in equipment, training, and capacity. They have advised the town they are in the process of issuing requests for proposals for qualified vendors for security and janitorial services. They have confirmed that the new security team will include a director of security who will work closely with town police.
“They wholeheartedly agree with our assessment that the current in-house services are woefully inadequate,” Tesoro wrote. “Their leasing team is reaching out to all tenants. They are issuing a series of communications to outline the steps they are taking to improve conditions at Trumbull Mall.”
Meanwhile, the town’s plan to transform the Trumbull Mall district continues following its Trumbull Area Market Feasibility and Land Use Study. Tesoro said that the town continues to “stack up potential opportunities for the future as the disposition of the property ownership plays out over the coming months.”
The town hopes to create a new mixed-use district that would encompass the mall and include senior housing, a hotel, a prepared fresh foods grocer, innovation and research employment space, as well as a recreation and wellness area.
Rina Bakalar, the town’s director of economic and community development and Tesoro will give a comprehensive update to the Trumbull Town Council on the Trumbull Mall area at its October meeting.
As of April the Trumbull Mall had 114 stores, including the anchors – JC Penney, Target, Macy’s, and LA Fitness. And then there is the former Lord & Taylor anchor site, which is still vacant.
Of the main tenants, LA Fitness and Hudson Bay (former parent company of Lord & Taylor) own their buildings, but lease them back from Namdar. Meanwhile, Target, JC Penney, and Macy’s all lease from Namdar. Those leases are now managed by Centennial.
