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NORWOOD, OH-Centro Properties Group is spending $13 million to convert the partially enclosed Surrey Square Mall here into a lifestyle center with a new 76,000-sf Kroger supermarket as the largest anchor. The property is at Montgomery Road and Sherman Avenue.

The center will be about 176,433 sf when its completed, says Mike Carroll, COO with Centro. “Kroger is in an undersized 40,000-sf space at the mall now, and they want to move into this new prototype store,” Carroll tells GlobeSt.com. “It’s really an obsolete layout, there’s no real reason to have an enclosed mall in this type of setting. Putting Kroger in this right-size store will help drive traffic to the center.”

He says the mall is about 50% occupied, with a large space empty from another former anchor, the bankrupt Media Play. The rest is mostly vacant in the enclosed space, which Centro is going to knock down and rebuild. Tenants from the enclosed space will be moved to the newly constructed building, and some new tenants will be added. “We don’t have any names of new tenants to announce yet,” Carroll says.

The entire property will have up to 40 tenants, he says, with another anchor store or two smaller junior anchor stores along with the Kroger. A McDonald’s is moving to a new outlot, with another outlot open for leasing. Carroll says he can’t discuss lease rates yet for the property. The renovation project should be finished by April 2009, he says.

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