ALBANY, Ore.--()--Vintage Real Estate announced today that it has appointed Betsy Penson General Manager of Heritage Mall which the company recently acquired. Penson brings years of experience in management and marketing for all types of retail centers to the position.
“We believe having management that knows the local market is important to the success of Heritage Mall. Both Betsy and Charlie are long-time Oregonians. They bring knowledge of the area and the people and can create an environment that fits the demands and lifestyle of our customers.”
“Betsy’s strengths in both management and marketing are an ideal fit for Heritage Mall as we begin our work refreshing and repositioning this regional mall,” said Charlie Christensen, vice president and asset manager, Vintage Real Estate.
Most recently Penson was general manager/marketing director for CenterCal Properties’ Blackhawk Plaza in Danville, California. Earlier in her career she was the general manager and marketing director for a 400,000-square-foot lifestyle center, The Streets of Tanasourne in Hillsboro, OR and the general manager of the Lancaster Mall in Salem, OR.
“Heritage Mall is an important center for the community. It has tremendous potential and I intend to make it the preferred shopping destination in the mid-Willamette Valley. It is a pleasure to be returning to Oregon and joining the Vintage Real Estate team. The company has a strong vision for the future of Heritage Mall and the capital to make it a reality,” said Penson noting that Vintage is already in negotiations with several national tenants.
Heritage Mall is an approximately 406,500-square-foot regional center with more than 52 major retailers, boutiques and restaurants including Target, Sears, Ross Dress for Less, Old Navy, Maurice’s rue21, Zumiez, Famous Footwear, Game Stop and Bath & Body Works. Located at 1895 14th Avenue SE, it is set on 33 acres just west of Interstate 5, the region’s major thoroughfare, and is just north of Corvallis, home of Oregon State University and its more than 26,000 students. The mall was remodeled in 2006 and currently is 50 percent occupied.
Fred Sands, Chairman of Vintage said, “We believe having management that knows the local market is important to the success of Heritage Mall. Both Betsy and Charlie are long-time Oregonians. They bring knowledge of the area and the people and can create an environment that fits the demands and lifestyle of our customers.”
ABOUT FRED SANDS AND VINTAGE REAL ESTATE
Sands formed Vintage Capital Group in 2001 to continue his private investment activities in commercial real estate and operating businesses of the past two decades. Sands previously owned Fred Sands Realtors, California’s largest independent residential real estate brokerage and financial services companies. Sands sold Fred Sands Realtors to Coldwell Banker in November 2000. Vintage Capital Group is headquartered in Los Angeles in the same Brentwood high-rise that Sands has owned and occupied for decades. While Sands was highly visible in the residential real estate arena, he also invested in commercial real estate including retail centers. Today Vintage Real Estate, a wholly-owned division of Vintage Capital, owns and manages a variety of retail centers, including regional malls, across the country. The company’s focus is on acquiring underperforming properties where its experienced retail team can apply its proven approach to repositioning and improving troubled centers. Sands also founded Vintage Fund Management, a private equity fund focused on investing in established middle market businesses that seek a long term capital solution and partner to provide financial and operational assistance to grow and expand. Additional information can be found at www.vintagecapitalgroup.com, www.vintage-vre.com and www.vintage-vfm.com.