PHILADELPHIA-Family Dollar Inc. signed a 10-year lease for 15,000 sf in the 25,000-sf retail strip at 52nd and Market streets known as the Buchanan property in the University City submarket. This lease replaced four month-to-month local-area tenants and has taken the 50-year-old center's occupancy to 100%.
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.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.