Tenants Switch in Renovation at Southland

Jo-Ann Fabrics, a tenant for 20 years at the 56-year-old center, is moving to 31,000-sf formerly occupied by Office Depot, which vacated its 10-year lease, says Martin Liles, a vice president of development with New Plan. Giant Eagle, a tenant for 10 years, is relocating to the former Jo-Ann space and expanding into a former A.J. Wright and 25,000-sf more of neighboring space, taking a total 85,000-sf.

Giant Eagle's 62,180-sf space will be subdivided for future tenants. Both of the new stores are superstore prototypes, Liles says. Construction for the Jo-Ann store will be complete by July 2007, and the Giant Eagle will move into its new space in July 2008, he says.

The venture also spent a few million dollars (Liles would not name a specific amount) to renovate all the stores along Pearl Road, including a facelift of the storefronts, landscaping and improvements to the parking lot. Liles tells GlobeSt.com that the work was done to keep tenants happy. "At one time a couple of our anchor tenants were looking to move to an adjacent township," he says. He says he couldn't divulge an average lease rate, as tenants range from 900 sf to 104,000 sf.

For the changes, the venture did earn tax abatements and waived building fees and costs from the city, Liles says. The property was part of a portfolio acquisition of five shopping centers located in the Cleveland, OH market for an aggregate of approximately $96 million in November 2005.