The 150,000-sf space at Fresh Meadows in Queens has been transferred to Kohl's Corp., which will open its own store in the former Kmart digs. At the Flourtown Shopping Center in Flourtown and the Leesburg Plaza in Leesburg, Federal Realty has recalled the defunct Kmart leases--accounting for a total of 176,000 sf of retail space and about $500,000 in leasing fees--and will redevelop the spaces and market them to new potential tenants.
"The lease assumption at Fresh Meadows improves our merchandising mix, protects $1.2 million of contractual rent and associated cost recoveries and enhances the opportunity for increasing small shop rents upon rollover of those leases," says Chris Weilminster, vice president of Anchor Tenant Leasing, the firm that assisted Federal Realty in dealing with the vacated spaces. "At Flourtown and Leesburg any temporary disruption in occupancy should be more than offset by improved property operating income associated with redevelopment.
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