With leases expiring, the struggling economy and tenants filing for bankruptcy such as the A & P Supermarket, Marty Shoes and the Avenue, we are experiencing leasing challenges at Crossroads Shopping Center. The leasing staffs at Acadia REIT and Heyman Properties, the partners who own the property, have been hard at work trying to interest tenants who would benefit the center and the community.
Understanding that the community would like to see the former A & P replaced by another supermarket, we contacted every grocery chain who has stores in this region. We currently have a lease out to a supermarket tenant who can only take the store if we can obtain approvals to expand the former A & P space by 8,357 square feet. Once the lease is signed we will be filing for a site plan modification and approval to construct the expansion areas.
Party City is under construction in the former Barnes & Noble space and has targeted early December 2012 for a grand opening.
We are working with several junior anchor tenants (8,000-14,000 square feet) who are interested in leasing space in the center. One such tenant is looking at the former Avenue space with expansion into the adjacent vacant 3,025 square feet. In addition we are working with several national and regional soft goods and hard goods retailers who have interest in leasing the former Jembro and T-Mobile spaces. Unfortuately all of the prospective tenants are waiting to see what tenant leases the A & P space before committing to terms.
We are confident that the Town will be very excited about the tenants who potentially will fill the empty store fronts. We will keep you apprised of any news as we move forward.
Executive V P