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CLEVELAND-Discount retailer Conway has entered the Cleveland market with a 24,000-square-foot lease at the Severance Town Center in Cleveland Heights. Pine Tree Commercial Realty is the leasing representative for the 620,000-square-foot shopping center. The facility is 96% occupied thanks to Conway’s lease as well as two other recent contracts.

This lease by Conway is part of a larger expansion the company is undertaking. Joe Mannino of Creative Realty Group, Conway’s representative in Ohio, tells GlobeSt.com Conway became interested in the Cleveland area after signing 11 leases in Akron, OH. “Conway entered the Akron market when they sub-leased 11 locations from AJWright,” he says. “That really drove them to this market, when they saw the demographics of Severance they really got interested. Severance offers the perfect setting and customer base for Conway.”

Mannino says Conway is also currently looking into opportunities to expand in Atlanta and Chicago.

The lease rate of the Cleveland deal was not disclosed but an executive with Pine Tree tells GlobeSt.com that the average asking rate in the center is $12 per square foot triple net for an anchor location and $18 per square foot for a smaller shop.

Built in 1963, Severance Town Center was the first regional mall to enter northeast Ohio. The mall then received a complete renovation in the 1990s and was turned into a three-tiered shopping center and additional winged big box retailers on the outer parts. The space Conway now occupies had been vacant since renovations completed. Other retailers in the complex include Wal-Mart, Home Depot, Office Max, Regal Cinemas and Bally Total Fitness.

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