Bank Inks Deal With Somerset Shoppes

BOCA RATON, FL-Bank of America inked a 10-year lease at Somerset Shoppes, an 188,000-sf shopping center here. The 3,500-sf lease and a pending 4,500-sf, 10-year lease with a restaurant would bring the center to 100% leased. Both deals equal a combined $2 million and 8,000 sf.Craig Tulepan and Randy Tulepan of Tulepan Management LLC represented the property owner, the Roberts Organization of New York, in the transaction. Chris Conklin of Trammell Crow Co. represented Bank of America.TJ Maxx, Michael’s and Loehmann’s are the anchor tenants at the retail center, which was built in 1987. The average rental rate at Somerset Shoppes is $30 per sf, plus operating expenses. With these leases and four others signed last fall, the center has strengthened its tenant mix, says Randy Tulepan, leasing manager for Tulepan Management.