Owner Of CT Mall Takes Over Management, Leasing For Trumbull Mall

TRUMBULL, CT — Centennial, the retail real estate investment firm that owns the Connecticut Post Mall in Milford, announced this week it has been awarded the management and leasing contract for the Trumbull Mall.

According to a news release provided Tuesday by Centennial, the agreement took effect Monday, under which the company will provide management services for the mall, including property management, leasing, marketing and accounting, while it is in receivership.

The mall, located at 5065 Main Street in Trumbull, will remain open and fully operational throughout the management transition, continuing to welcome shoppers and support its retail partners without interruption, according to Centennial.

"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," Centennial President Paul Kurzawa said in a news release. "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."

In addition to the Connecticut Post Mall, the state's largest mall, Centennial also operates malls in communities such as Providence, R.I., Annapolis, Md., and Pueblo, Colo., among others, according to the company's website.

Centennial is a retail real estate owner and operator with a national portfolio of shopping, dining, entertainment and mixed-use destinations, as well as a full-service property management platform serving third-party owners, according to the company.

The Trumbull Times reports the announcement comes days after the mall's owner, Namdar Realty Group, told the paper the company is negotiating with lenders over a default on a loan it secured on the mall.

Namdar operates a few malls and other properties in Connecticut communities such as Waterford, Meriden and Manchester, according to the company's website.

A request for comment from Namdar Realty Group was not immediately returned Tuesday.

Economic and Community Development Director Rina Bakalar said the town was thrilled with the announcement due to Centennial's extensive experience as both an owner and manager of malls.

"They're really very good at what they do," Bakalar said to Patch, "so we see it as a positive step in the right direction while the disposition of the property plays out."

Bakalar said town officials plan to meet with the company next week and has met with their senior leadership over the years.

"We think that they will, in the near terms, get the property in much better shape from a just cleanliness, maybe basic maintenance [standpoint]," Bakalar said, "and all those things that have been lacking."

She also noted she was unsure if Centennial was interested in purchasing the mall, however others have expressed interest in the property based on a recent study coordinated by the town.

Comprised of 1.13 million square feet of retail, dining and entertainment space, the Trumbull Mall boasts over 100 tenants, including popular brands like Macy's, JCPenney, Target, Apple and Sephora, as well as dining options such as Ten Asian Bistro and The Cheesecake Factory, according to Centennial.