The in-house information bank produced a major retail tenant prospect in Bradenton, FL-based Bealls Department Stores Inc. The retail chain has signed a 15-year, 107,000-sf, $10-million lease in space previously occupied by Kmart Corp. at the 211,712-sf Piedmont Plaza in this suburb of Orlando.
The deal is one of the largest retail transactions this year in Central Florida, Crossman tells GlobeSt.com. "It was a very fast transaction," the broker says. "The speed of the deal was important to both sides."
The deal was done in four months, starting almost immediately after Kmart shut down its premises in May, part of a nationwide move to close unprofitable locations.
Crossman heads Crow's investment services division in Orlando. He and Atlanta-based C. Whitney Knoll, senior vice president and director of Crow's retail investment services, negotiated for Bealls. Piedmont Plaza owner P.O.B. Montgomery of Dallas represented itself.
For Bealls, getting into the space before the traditional holiday shopping season begins after Thanksgiving was crucial, Crossman says. For the owner, landing a blue-ribbon tenant such as Bealls, solidified the shopping center's presence in a heavily trafficked suburban submarket. Bealls' rent averages about $6.23 per sf.
For Trammell Crow, which leases and manages Piedmont Plaza, finding a tenant quickly and bringing the 18-year-old property's occupancy up to 98.5%, meant another corporate credit in its leasing-management portfolio, Crossman says.
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