Metro Commercial Real Estate Negotiates Three New Leases Totaling 59,000 SF for DSW Shoe Warehouse and Filene’s Basement at Marple Crossroads Shopping Center
Filene’s Basement re-enters the Philadelphia market as part of Retail Ventures, Inc.’s aggressive expansion program.
New retail locations expected to open in September of 2006.
SPRINGFIELD, PA (DELAWARE COUNTY)- September 5, 2006-- Metro Commercial Real Estate, Inc., the region’s premier full-service retail real estate company, announced that they have negotiated three new leases totaling 59,000 SF for DSW Shoe Warehouse and Filene's Basement. Glenn Marvin of Metro Commercial Real Estate, Inc. exclusively represented both retailers, owned by holding company Retail Ventures Inc., in the transaction.
Both retailers are wholly owned subsidiary’s of Retail Ventures, Inc., a leading off-price retailer that also operates Value City Department Stores. Slated to open in September of 2006, DSW Shoe Warehouse and Filene’s Basement will occupy a new addition currently under construction on the site of the former Frank's Nursery. Filene’s Basement will occupy a total of 44,000 SF of the new addition (25,000 SF retail space; 19,000 SF storage facility), while DSW Shoe Warehouse will occupy 15,000 SF.
Owned by Blank Aschkenasy Properties, Marple Crossroads Shopping Center is one the most successful community centers in the Philadelphia suburbs. The 450,000 SF center is located at the intersection of US 1, I476 (Blue Route) & PA 320. Tenants include Old Navy, Marshalls, Circuit City, Linens 'n Things, Jo-Ann Stores, Office Max, Five Below, Justice-Just for Girls, Olly Shoes, Gamestop, Party City, AMC Theatres, and the Chubb Institute.
According to Marvin, “Retail Ventures, Inc. plans to open several DSW and Filene’s locations within community and power centers throughout Pennsylvania, New Jersey and Delaware. This is a well-positioned retailer that is actively pursuing 15,000-50,000 SF locations.”
Filene’s Basement currently has 29 locations throughout the Northeast and Midwest. Known for providing quality merchandise at everyday low prices, Filene’s Basement offers men’s and women’s apparel, shoes, jewelry and home goods.
DSW Shoe Warehouse is a leading specialty retailer of branded, in-season, adult footwear, offering an average of 30,000 pairs of shoes in over 2,000 styles from over 300 quality shoe brands. Currently, there are 204 stores throughout the United States.
Media Contact:
Metro Commercial Real Estate
Jamie Joffe
+610 246 2606
jjoffe@metrocommercial.com
Metro Commercial Real Estate, Inc. (www.MetroCommercial.com) is one of the area’s leading brokerage firms focusing on the leasing, sale, and expansion of retail properties throughout the region. Founded in 1987, Metro Commercial specializes in retail tenant representation, shopping center leasing, property management, investment property sales, construction services and enclosed malls. With 3 offices throughout Pennsylvania and New Jersey, Metro Commercial currently serves as the exclusive leasing agent for more than 190 retail properties, totaling in excess of 14 million square feet. Metro Commercial
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