SPRINGFIELD, PA-Many shopping-center owners are still feeling the fallout from the thousands of store closures that took place after the recession began. At one of the centers it manages here, Fameco Real Estate was able to do something about it -- with help from the largest retailer in the world.
The Plymouth Meeting-based firm recently signed leases to fill 190,000 square feet of vacant space at Marple Crossroads, which is owned by Blank Aschkenasy Properties, bringing the 450,000-square-foot center to 95% occupancy. And as is the case with many developments, once Walmart signed on, other retailers followed.
The list of big boxes that vacated Marple is formidable. Linens 'n Things, Circuit City, Filene's Basement, David's Bridal and Levitz Furniture all left.
Walmart plugged a sizable chunk of what was left behind by leasing 114,000 square feet. Burlington Coat Factory also came on, taking up close to 69,000 square feet. To round it out, smaller leases were signed by Dress Barn and Sally Beauty. Mangement expects the new stores to open during next year's first quarter.
Fameco manages about 200 retail centers across the Delaware Valley. Last month the firm signed 30,000 square feet of retailers at Upland Square, in Pottstown.
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