Richmond Centre also will have two hotels on 15.5 acres and 60,000 sf of office, says Charles Thrift, senior leasing associate for Crosland. The development is going up at the interstate's junction with Barns Mill Road.
T.J. Maxx has preleased 25,000 sf. Hastings Entertainment took 22,500 sf for its store, which sells new and used CDs, books, videos and video games. Dawahares, a clothing chain with 25 stores in Kentucky, Tennessee and West Virginia, preleased 15,000 sf. The terms of the leases were not disclosed, but Thrift says "we would not do an anchor lease for less than 10 years."
Thrift tells GlobeSt.com that Richmond Centre is now 79% preleased. Quoted rates range from $22 per sf to $26 per sf net for boutique store space and $12 per sf to $15 per sf net for larger spaces, he says.
Belk and Cinemark also have preleased space. Meijer grocery, JCPenney and Home Depot bought sites to develop. The first retailers are expected to open in October, according to Thrift.
Thrift says the closest shopping centers are Lexington, KY and Knoxville, TN. "It is the largest regional shopping center under construction in Kentucky right now," he says. "The size creates a draw that really creates its own trade area."
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
