JCPenney has signed a lease extension at Westdale Town Center in Cedar Rapids, officials with Frew Development Group said Tuesday, Oct. 24.
The lease will extend JCPenney’s presence at Westdale through October 2029, according to Frew Development Group (FDG), which has served as the property’s developer since 2013 under an agreement with the city.
The lase extension, recently signed by Penney Property Sub Holdings, LLC and FDG’s subsidiary, Westdale CR Ventures #1, LLC means that, at its conclusion, JCPenney will have been at Westdale for more than 50 years.
“We are excited that JCPenney will be here through completion of the re-development of Westdale,” said FDG executive vice president Todd Nelson. “We are thrilled that they will remain a primary tenant as we begin to sell or lease the final few remaining pads available at Westdale.”
Just a handful of lots remain available in the redevelopment outline for the former mall property, according to Mr. Nelson.
“We began our planning to reposition Westdale Mall ten years ago by exploring the idea with JCPenney,” Mr. Nelson added. “Jim DePaul, Larry Smith and his staff have been consummate professionals, and we thank them for their continued commitment to Westdale Town Center.”
“At JCPenney, we are proud of the role we play in communities across the country as our customers look to us to make every day and every dollar count,” said Jim DePaul, executive vice president of stores for JCPenney. “We’re pleased to recommit to the Cedar Rapids community by extending our lease at Westdale Town Center.”
Formerly a 900,000 square foot enclosed shopping center on 85 acres, Westdale Mall opened Oct. 4, 1979, but by 2010 suffered from deferred maintenance, deteriorating facility and site infrastructure, high tenant vacancy and frequent owner turnover. Frew Development Group acquired control of the property in January 2013 through a ground lease and in 2020 became its sole owner.
Frew Development’s $90 million repositioning of Westdale into an open-air town center featuring a “Shop-Work-Live-Play” design involved demolition of more than 600,000 square feet of structure, creating three stand-alone anchor buildings (the largest of which is home to JCPenney) and 32 development pads.
In addition to JCPenney, current tenants include major national retailers (Ross Dress for Less, Burlington Stores and PetSmart), hospitality (Tru by Hilton and Home2 Suites by Hilton), financial services (US Bank, First Federal Credit Union, Veridian Credit Union and GreenState Credit Union), medical (U.S. Veterans Administration Medical Center and Physiotherapy Associates), restaurants (Crab Shack, Napoli’s, Chick-fil-A, Freddy’s Steakhouse, Domino’s Pizza, Caribou Coffee and the recently opened Boulder Tap House), and market-rate apartments (Parkway West Tower I).
In 2024, construction will begin on an additional 148 market-rate apartments at Westdale.
Frew Development Group is a private real estate development company based in Bainbridge Island, Washington, with offices at Westdale Town Center.
