Without disclosing the aggregate value of the lease, Jack Sitt, a partner with New York City-based Sitt Asset Management, which owns the property, tells GlobeSt.com the asking retail rental rate in the area is about $20 per sf. Sitt represented the owner. Family Dollar "totally renovated the space," Sitt adds. John Wexler of locally based Wexler Commercial represented the tenant.
The lease to the national retailer signifies a significant strengthening of the University City submarket, according to Sitt. Other tenants in the strip are Master Rehabilitation, City Blue and Rite Aid. Mathews, NC-based Family Dollar operates 5,948 units nationwide. Its net sales in 2005 exceeded $2.3 billion.
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