ALLEN PARK, MI-Dollar Castle, a chain of small discount stores owned by local entrepreneur Eddie Denha, has signed a five-year lease for 13,838-sf at $8.75 per sf triple net, annual rate.
Located at the intersection of Allen and Southfield roads, the space, which is part of a 45,000-sf retail center, was formerly occupied by a JoAnn Fabrics. "We had the deal signed with Dollar Castle before they moved out," says Tjader Gerdom, associate broker/vice president of Insite Commercial Group/TCN Worldwide's retail group's Southfield, MI office.
Gerdom and Brad Boatin, with Insite's commercial group, represented the landlord, the Equitable Group, in the transaction. "The space was in pretty good shape, and they did their own work to upgrade it," Gerdom tells GlobeSt.com. "They're moving in as we speak, and are hoping to be open there by the holidays."
Gerdom adds that the transaction brings the occupancy of the retail property, built in 1980, to the low 90s, with 4,100 sf remaining for lease. "The owners just put a brand-new façade on this center," he notes. "They've put a great deal into the upkeep of the property."
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