(For more retail coverage, click GlobeSt.com/RETAIL.)
SPRINGFIELD, PA-Filene's Basement has inked a 44,000-sf lease and DSW Shoe Warehouse has taken 15,000 sf, both taking down space in the former Frank's Nursery location in the 450,000-sf Marple Crossroads Shopping Center. These leases take occupancy to more than 90% in the center, including an under-construction 40,000-sf expansion.
Both retailers are owned by Columbus-based Retail Ventures Inc., which also owns Value City department stores. Glenn Marvin of Conshohocken-based Metro Commercial Real Estate represented the retailers in negotiating three separate lease agreements, which includes a 19,000-sf deal for Filene's storage area.
"Retail Ventures plans to open several DSW and Filene's locations within community and power centers throughout Pennsylvania, New Jersey and Delaware," Marvin tells GlobeSt.com. The owner is actively pursuing locations from 15,000 sf to 50,000 sf.
Marple Crossroads is located at 400 S. State Rd. at the intersection of US Highway 1 and PA 320. The owner and developer is Conshohocken-based Blank Aschkenasy Properties. Filene's and DSW plan to open this month. The center's national lineup includes Old Navy, Marshall's, Circuit City, Linens 'n Things, Jo-Ann Stores, Office Max, Five Below, Justice-Just for Girls, Olly Shoes, Gamestop, Party City, AMC Theatres and the Chubb Institute.
The aggregate value of the leases and rental rates of the transactions are undisclosed. According to the Blank Aschkenasy website, the asking rents range from $13 per sf to $28 per sf net. There are currently 29 Filene's Basement units in the Northeast and Midwest while DSW Shoe Warehouse operates 204 units nationwide.
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