The building will be occupied by Spirit Halloween until the end of October--a short term lease that is expected to give the buyer running room to get the property fully leased. After Spirit Halloween leaves it will be empty again; however, the new owner is in negotiations with two retailers that would bring the building to full occupancy if the pending deals are inked, Hanna says.
The sale--along with the interest exhibited on the part of these two retailers, one of which is a national chain--is part of a growing pool of anecdotal evidence that retail real estate is pulling out of its deep slump on Maryland's Eastern Shore, Hanna says. Other signs: two lenders offered attractive financing proposals for the Circuit City store, he says. Also, there are two other properties nearby for sale--a former Boater's World and a small strip center--that have offers on the table.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
