Retail Developer Profile: Mills Corporation

Looking to interest major retail developers in investing in your area? Be sure to talk with the Mills Corporation. Here is a short profile of the company.

The Mills Corporation is a self-managed real estate investment trust (REIT) based in Arlington, Va., that owns, develops, leases, acquires, redevelops, expands and manages retail and entertainment destinations. The company employs approximately 1,800 people in the U.S., Canada and Spain.

Over the past 18 years, Mills' portfolio has inspired a new standard in retail and entertainment. Through the "Mills touch" - the company’s proven ability to anticipate trends, engage consumers, and create exceptional retail and entertainment experiences - Mills’ properties consistently capture the imaginations of consumers and partners from around the world.

Today, Mills oversees a portfolio of 25 retail and entertainment destinations that drives more than $4.2 billion in annual sales.

Scope of Operations:

- Mills currently owns and manages 25 retail and entertainment destinations in the United States and Europe.
- Aggregate Gross Leasable Area (GLA): 32 million square feet
- Annual Shopper Visits: 220 million (2002)

Highlights:

- Portfolio Occupancy: 94 percent (2002)
- Average Specialty Store Sales: $331 per square foot (Year-End 2002)
- Total Tenant Sales: $4.2 billion (2002)

What new projects does Mills have underway?

- St. Louis Mills in St. Louis, MO will be a 1.2-million-square-foot Landmark Mills property featuring a one-of-a-kind Sports Village and a PBS-themed children’s learning environment. (Opening November 13, 2003)

- A Landmark Mills center, Cincinnati Mills in Cincinnati, OH will be a 1.5-million-square-foot retail and entertainment destination. Cincinnati Mills is Mills’ first acquisition converted into a Landmark Mills. (Opening Spring 2004)

- A Landmark Mills center, Vaughan Mills in Toronto, Canada will be a 1.2-million-square-foot retail and entertainment destination. (Opening Fall 2004)

- Pittsburgh Mills in Pittsburgh, PA will be a 1.1-million-square-foot Landmark Mills property. (Opening Spring 2005)

- Meadowlands Xanadu, a 4.76-million-square-foot 21st Century mixed-use complex in Bergen County, NJ, will feature an unprecedented array of family entertainment, sports, retail, hotel and office space. (Opening 2005)

- A 21st Century mixed-use venue, The Piers 27-31 in San Francisco, CA will provide public access to the San Francisco Bay and include recreational activities, restaurants and office space. (Opening Fall 2005)
108. N. State Street in downtown Chicago will be a 21st Century Retail and Entertainment center.

Other retail developer profiles at ED Futures: The Rouse Company here.