Centennial Advisory Services announced Tuesday it has taken over management of the Dulles Town Center, an announcement that followed the Oct. 22 foreclosure on the regional mall Lerner Enterprises built and has operated for two decades.
According to a company statement, Centennial will provide a full spectrum of management, leasing, marketing and accounting services for the property. It will also develop a “value creation strategy” with the potential for a future mixed-use redevelopment of the property.
Centennial Advisory Services President and Centennial COO Whitney Livingston said the company specializes in “transforming shopping centers into redefined spaces well suited to the lifestyle of tomorrow’s consumers—something we look forward to doing at Dulles Town Center.”
When Dulles Town Center opened with fanfare in 1999, malls were viewed as a central core of suburban life. Today, brick and mortar retailers are reeling from the growth of online shopping, with malls taking a heavy hit. County assessment records show Dulles Town Center was valued at $300 million in 2008. A decade later in 2018, the assessed value had dropped to $183.6 million. Following the recording of the deed of foreclosure, the value is listed at $55 million.
Chuck Taylor, the senior vice president of Client Services for Centennial Advisory Services, said the company would “be working hand-in-hand with the shopping center’s existing tenants to help them through the difficulties COVID has posed, and to institute a new hospitality-themed focus and customer experience that we expect will ultimately attract new tenants to the property as our vision for the future of this center is unveiled.”
The 23.5-acre mall property is part of Lerner Enterprises’ boarder Dulles Town Center project—a 554-acre master planned commercial, retail and office park located at the southeast corner of the Rt. 7/28 flyover.
The Dulles Town Center mall is a two-level shopping center comprised of about 1.4 million square feet of retail space. It features spaces for 160 stores and restaurants, according to Centennial’s statement. In recent years, many stores, including anchors like Nordstrom and Lord and Taylor, have closed.
Centennial was founded in 1997 and is a national owner of major shopping, dining, entertainment and mixed-use destinations.