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Federal Way’s Commons mall gets cash injection from basketball great’s investment company

Post by John Gillie / The News Tribune on March 8, 2013 at 1:38 pm |
March 8, 2013 3:11 pm

The Commons at Federal Way is planning an overhaul thanks to a capital investment from a group backed in part by basketball great Earvin “Magic” Johnson Jr.23158fedwaycommonsmall.web

The retired Los Angeles Lakers point guard’s company, Canyon-Johnson Urban Funds, is investing an undisclosed amount into Steadfast’s two Puget Sound area malls, The Commons and Everett Mall.

Plans for the remodeling are still in the infant stage, said a spokeswoman for the Steadfast Companies, the Southern California company that owns The Commons.

“We can’t really give more details now,” said Steadfast spokeswoman Emily Heidt.  “Plans are still in the works. We’re still figuring out the details.”

Steadfast said it has already begun relocating tenants and signing new retailers to boost the malls’ business.

One persistent rumor is that the shopping center is trying to recruit Kohl’s to locate in the mall.

The Commons was built in 1975 as Sea-Tac Mall.  Steadfast acquired the shopping center in 2003 and renamed it.

Anchor tenants include Target, Macy’s, Sears and a Century Theaters multiplex.

The mall owners said they plan to bring in new merchants who will occupy some 65,000 square feet in the shopping mall on South 320th Street near I-5.

Steadfast and Canyon-Johnson have a good track record for redeveloping retail properties.

The two teamed up in 2010 to remodel the Brea Plaza Shopping Center in Southern California.  Brea Plaza was a smaller shopping center than either The Commons or Everett Mall.  The $40-million project there removed satellite buildings that obstructed the view of the main structure, put a new facade on the building and planted new landscaping to disguise a drainage channel.

The Brea Plaza was built in the same year as The Commons, 1975.

“We are confident that the infusion of capital at this critical time for both regional malls will help them achieve their potential,” said Canyon-Johnson Chief Executive Officer Bobby Turner.




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