EASTON, PA-Three leases aggregating 21,375 sf have joined the roster of tenants at 25th Street Shopping Center, taking overall occupancy to 99%. The owner of the property is the Lakewood, NJ-based Lightstone Group.
Retro Fitness will open an 11,980-sf unit in the 131,477-sf shopping center in early 2008. This lease follows a recently signed agreement with Retro Fitness for an 11,500-sf unit in Lightstone's Mountainville Shopping Center in nearby Allentown. Manalpan, NJ-based Retro Fitness is a franchised chain of fitness centers with a low-cost membership fee.
Play It Again Sports, a franchised sporting goods chain, has signed a five-year lease in the Easton center for 3,395 sf. An affiliate of Minneapolis-based Winmark Corp., Play It Again Sports sells new and used sports equipment from about 400 stores nationwide.
Pennsylvania Industries for the Blind and Handicapped has signed a 10-year lease for 6,000 sf. Based in Harrisburg, it is a division of the state motor vehicle agency, and it markets products and services provided by Pennsylvania persons with disabilities.
Among the other tenants at the center, which is located at 25th St. in downtown Easton just off Rte. 22, are CVS, McDonalds, Radio Shack, Petco and Sherwin Williams. Lightstone acquired the center in April 2002 as part of a 17-property portfolio from White Plains, NY-based Acadia Realty Trust. Jeff Dash, Lightstone's VP of leasing, tells GlobeSt.com his company has done some upgrades of parking, lighting and landscaping.
The center was built in the early 1960s, he says, “and it had some vacancy when we bought it. There's been a boost in occupancy over the past two to three years.” This year alone, agreements were signed for 36,000 sf. He declines to disclose rent rates in the center. According to a mid-year report from the Philadelphia office of Marcus & Millichap, the average asking retail rent rate throughout Pennsylvania is $20.11 per sf.
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