FAMECO LEASES 190,000 SQUARE FEET AT MARPLE CROSSROADS SHOPPING CENTER

WALMART AND BURLINGTON COAT FACTORY SIGN LEASES

PLYMOUTH MEETING, PA. — Fameco Real Estate, L.P., the region’s foremost full service retail real estate firm is pleased to announce that it has leased more than 190,000 square feet at Marple Crossroads Shopping Center, located at the intersection of I-476 and Route 1, Springfield, PA.   

Marple Crossroads, one of the Philadelphia area’s most successful shopping centers, has added 4 national tenants to what is already a very impressive tenant line up. According the Fameco Principal Jeffrey Cohen, who along with Fameco’s John Krause, are spearheading the leasing efforts, “we are pleased with the success we’ve had in re-tenanting 40% of the center’s vacancy. Once Walmart committed, the velocity of leasing activity increased dramatically.”

Not unlike other retail real estate, the nation’s current economic climate had adversely effected the center’s tenancy. Marple Crossroads suffered holes left by now defunct retailers Circuit City, Linens –N-Things, and Filene’s Basement as well as departures from David’s Bridal and Levitz Furniture. Walmart’s lease of 114,000 square will plug the holes left by Linen’s-N-Things, and David’s Bridal, and the space Marshall’s will relocate out of as they move into the space formerly occupied by Filene’s Basement. Burlington Coat Factory has signed a long term lease for 68,544 square feet and will take over the space formerly occupied by Levitz Furniture.

In addition to this big box activity, Marple Crossroads has enhanced its line up of inline retailers with the addition of a 7,200 square foot Dress Barn and a 2,000 square foot Sally Beauty. They are expected to open in first quarter 2011. With the renewed leasing activity, the 450,000 square foot center is 95% occupied.

The owner of the center, Blank Aschkenasy Properties, reported that “across the board our tenants are pleased with the new additions. Retailers like Walmart and Burlington Coat Factory help to drive business to the center and prove to be great co-tenants. In addition, we are making enhancements to the center like resurfacing the parking lots as well as some other cosmetic improvements that will benefit all our tenants.”

Fameco specializes in retailer representation, owner representation, investment sales and management services in Pennsylvania, New Jersey, Delaware and beyond. The firm is the exclusive representative for over 200 shopping centers and retail properties totaling 17 million square feet, manages more than 11 million square feet of retail space and exclusively represents more than 75 retailers expanding in the tri-state area.   Fameco's Investment Sales Team has completed transactions in excess of $1 billion.  Fameco is the ChainLinks member shareholder in the Delaware Valley. ChainLinks is the nation's largest retail-only real estate provider with 62 regional brokerage firms in the U.S., Canada and Europe.

November 22, 2010