Vermont Business Magazine KeyPoint Partners, LLC (KPP) has negotiated a lease with L Brands for an expansion and relocation of the Victoria’s Secret and Bath & Body Works stores at University Mall (UMall) in South Burlington, according to Robert Lemons, Managing Partner of the firm. KPP Vice President of Leasing Don Mace completed the transaction. Victoria’s Secret and Bath & Body Works, both long-time tenants at UMall, have been located in adjacent spaces totaling 6,900. The stores will relocate across from the food court, occupying newly re-configured spaces totaling more than 10,200 square feet. Construction will commence in early 2018 and the new store opening is planned for summer 2018.
The expansion deal with Victoria’s Secret is one of several ongoing initiatives to re-merchandise the Mall and improve foot traffic, Mace says. KPP also negotiated a lease with Target to open a store at University Mall next year.
“The expansion deal with Victoria’s Secret and Bath & Body Works is the catalyst for revitalizing the mall and our re-tenanting efforts”, Mace says. “We have a number of additional planned improvements in the works – L Brand’s commitment to UMall reinforces our position that the mall is a very viable shopping destination, one we plan to strengthen over the next two years.”
UMall, located on Dorset Street in South Burlington, is Vermont’s largest enclosed mall at more than 610,000 square feet. UMall is anchored by Kohl’s, JCPenney, and Sears, and Target anticipates opening in October 2018. Shop space includes more than 80 retailers and restaurants such as Kay Jewelers, American Eagle, Zales, LensCrafters, Auntie Anne’s, Maurices, Zumiez, and many others. Outparcel merchants include Hannaford Supermarket, Party City, Vitamin Shoppe, and People’s United Bank.
Headquartered in Burlington, MA, KPP is the region's premier commercial real estate service firm, providing property & asset management services for over 21 million square feet of retail, office, and industrial properties, leasing for retail properties totaling more than 7 million square feet, and tenant representation services for local, regional, and national retailers. The firm provides a wide range of services to retailers, property owners, and financial institutions including retail brokerage, investment sales, property & asset management, construction, custom market research, and financing/consulting services. For more information about KPP’s Retail Leasing & Tenant Representation services, or to view exclusive listings, visit KeyPointPartners.com.