Ollie's will be moving into its designated space in the L-shaped mall once renovations are complete, Jeffrey Dash, VP of retail leasing and management for the Lightstone Group, tells GlobeSt.com. These renovations, which are running about $200,000, will be complete by Q3 2008. Asking rates for the remaining space, slightly more than 30,000 sf, run about $6 per sf, according to Dash.
Another tenant at the mall, Virginia Bank and Trust, is renewing its lease for an additional five-years. Other tenants there include Tractor Supply and Dollar General. Lightstone owns two other retail centers in Virginia, Ewell Station in Williamsburg and a Prime Retail outlet in that historic city as well. Indeed, through its Prime Retail subsidiary, Lightstone has become one of the largest owners of retail space in the country, with approximately eight million sf of outlets space and an additional eight million sf of full price retail mall space.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
