Natalie Keith
SOUTHFIELD, MI-Redevelopment efforts at Ramco-Gershenson Properties Trust's Tel-Twelve shopping center have been completed with the signing of two new tenants, PetsMart and Best Buy. "With the signing of these two leases, we are done with the redevelopment efforts for all intents and purposes," Fred Zantello, executive vice president of the Farmington Hills-based REIT tells GlobeSt.com. "It was really more of a remerchandising rather than a redevelopment,"
PetSmart signed a 30,000-sf lease and will be located in space formerly occupied by Circuit City. About 20,000 sf to 22,000 sf will be used for a prototype store and the remaining 8,000 sf to 10,000 sf will be used for a PetsHotel, a new concept by the pet supplier. The store is expected to open in August or September, Zantello says.
Best Buy signed a 44,000-sf lease and will occupy space formerly leased by Media Play. Ramco-Gershenson is demolishing the two-story building where Media Play was located, and Best Buy's new unit is expected to open in October or November.
"The company terminated the leases of both Circuit City and Media Play in the second and third quarter, securing lease-buyouts from the users," said president and chief executive officer Dennis Gershenson in a released statement. "Both of these new retailers are positive draws for the center."
Tel-Twelve is a 525,000-sf shopping center located in the southeast quadrant of Telegraph and Twelve Mile roads, two heavily traveled roadways in Southeastern Michigan. The signing of leases with PetSmart and Best Buy marks the second, and final, redevelopment of the shopping center over the past two years. Under past redevelopment efforts, new retail anchors were added including Lowe's, Meijer, Michaels, DSW and Pier 1 Imports.
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