T-R PHOTO BY LANA BRADSTREAM Burlington has placed a banner in front of the Shops at Marshalltown, the former Marshalltown Mall, where the national retail store is preparing to open a location. Property owner Reserve Development secured TJ Maxx and Five Below as tenants, as well.

Since purchasing the Marshalltown Mall at the end of January 2025, owner Reserve Development, a developer from Dallas, has made a lot of changes to the interior and exterior, proving the initial plan of investing $10 million into the building.

Renaming the facility Shops at Marshalltown, Reserve Managing Partner Jeff Strong is ready to announce some businesses that are officially moving into the building.

“Signed leases are TJ Maxx, Burlington and Five Below, renewal and new space for Shoe Sensation, renewal and updated seating with Fridley Theatres,” he said. “We are working on many others that have not been signed yet.”

When it is all said and done, Strong expects that there should be around 16 total tenants in the Shops at Marshalltown.

“Hopefully [will be] delivering the new tenants in July of this year for a September store opening,” he said. “The potential new leases, that have not been signed yet, will come toward the end of 2026.”

Strong said Reserve focused on bringing a well-rounded retail mix of soft goods, entertainment, beauty supply and pet products. TJ Maxx is a national discount department store selling clothes, accessories and household items. Burlington is a national off-price clothing retailer. Five Below is a national discount gift shop.

“A couple of them have signs up now that they are hiring,” he said.

The openings of the stores will be staggered, but Strong expects a grand opening of Shops at Marshalltown to occur sometime at the beginning of 2027. When all of the businesses are moved in, Strong said they have some additional plans, but are not prepared to share yet. “There are some things that can be done to enhance the shopping experience that we are currently working on,” he said. “We are so excited to give Marshalltown the upgraded shopping experience that they deserve, as well as serving all the surrounding communities.”

Reserve Development purchased the property from Marshalltown Development Group for $8 million. The former owner was a holding company of Kohan Retail Investment Group of New York, which did not pay a large electricity bill, leading to power being shut off in November of 2023.

——-

Contact Lana Bradstream

at 641-753-6611 ext. 210 or

lbradstream@timesrepublican.com.