Starplex Cinemas Inks Anchor Lease at $80M Center

MIDDLETOWN, DE-Starplex Cinemas has signed a 30,000-sf lease that will be the anchor for a lifestyle center here that has just gone under development. Called Promenade at Middletown, the 175,000-sf retail and residential project will be the first lifestyle center in Delaware, according to Joseph Latina, vice president and partner, Patterson-Woods Commercial Properties, LLC/Corfac International. Latina, along with Michael Woods, is the project’s leasing agent.

The $80-million development will feature two parking decks and five structures, including the 10-screen, 1,650-seat, freestanding theater that will anchor the project. The other four-level buildings will have retail on the ground floor and luxury condos on the top three floors. All together there will be 282 units, which will be sold off. Chetty Builders, the developer and owner of the project, will retain the retail, Latina tells GlobeSt.com.

With the anchor on board the firm can now concentrate on attracting tenants for the inline space, he says. Asking rates will vary depending on the use, but can be expected to average $22 per sf triple net.