The term of the lease is 20 years, says Katie Hennegan, leasing representative with Mid-America Asset Management Inc. Newcastle Properties was represented in the lease transaction by Hennegan and John Gross with Newcastle Properties.
The Super H Mart will occupy space formerly occupied by Walgreen's and Dominick's Finer Foods, which vacated in March. The specialty grocer, which has 22 locations primarily on the East Coast, is expected to open next month, Hennegan says. "We expect it to be a huge draw to the shopping center," she says.
The mall is currently 86% occupied. Other anchors include K Mart, Citibank and Panera Bread. Tenants include Ogden Theatres, Peter's Paper & Party Outlet, Ginny's Hallmark and Pizza Hut. Tong's Polynesian Village has signed a new five-year lease for 1,800 sf for carry-out food service and is closing its 4,000-sf restaurant location in the mall. Insight Optical has signed a three-year lease for 900 sf. The asking lease rate for the building is between $14 per sf and $22 per sf net, depending on the size of the space, Hennegan says.
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