Cole Real Estate executes 640,000 sq. ft. in retail leases last year
Phoenix -- Cole Real Estate Investments announced that it signed leases totaling nearly 640,000 sq. ft. at Cole-related retail properties during 2011.
Cole secured approximately 308,000 sq. ft. of new leases, along with 330,000 sq. ft. of renewals, bringing the occupancy rate for its portfolio of properties to 97.8%.
Notable new leases include Bally’s for 39,400 sq. ft. at a former Circuit City in Aurora, Colo.; Ross Dress for Less for 28,000 sq. ft. in Fairview Heights, Ill.; JoAnn Fabric and Crafts for 25,000 sq. ft. at a former Borders in Reading, Pa.; Pier 1 Imports for 8,300 sq. ft. at Nature Coast Commons in Spring Hill, Fla.; and both a Five Below for 8,400 sq. ft. and an Hhgregg for 23,500 sq. ft. at Lincoln Place in Fairview Heights, Ill.
Among the key renewal leases for the year, according to Cole, were Bed Bath & Beyond (36,500 sq. ft.), Marshalls (29,900 sq. ft.), OfficeMax (23,000 sq. ft.), Old Navy (15,000 sq. ft.), Petco (15,000 sq. ft.) and Family Dollar (8,000 sq. ft.).
“Our continued leasing success is an indicator of economic recovery,” said Brett Sheets, senior VP leasing at Cole, “and a reflection of both the high-quality properties throughout our portfolio and the work our entire leasing team brings to each transaction.”