400,000-SF Croatian Mall Hits Leasing Milestone

ZAGREB, CROATIA-A glitzy shopping mall here in the city center is fully leased prior to its August opening, officials building the 400,000-sf complex have announced. Avenue Mall will offer consumers such internationally known brands as Adidas, Benetton, Calvin Klein, Nike, Pirelli and Tommy Hilfiger, among 130 retailers who have committed to the multi-dimensional property.

“We are proud to have developed such a world-class facility and believe that it will transform shopping here,” says Shalom Mor, manager of GTC Croatia, the firm behind the ambitious project. GTC Croatia, a subsidiary of Globe Trade Centre SA, holds a 70% interest in Avenue Mall, one of several ventures the firm is involved in throughout the country.

Avenue Mall is being billed as Croatia’s inaugural “third generation” retail center, meaning that the property meets global standards for architecture, construction and materials; has secured a high level of tenancy; and that it goes beyond a typical retail asset by incorporating various forms of entertainment as well as a supermarket. The latter element is a 40,000-sf Konzum Supermarket whose ownership committed to 20 years. Most of the Avenue Mall leases have terms of at least 10 years, providing a measure of stability to the project, according to GTC Croatia.