«A portion of the loan proceeds will be used to fund the costs associated with the lease up of
the remaining vacant space at the center which should be accelerated with the addition of 99 cents Only Store, which has signed a lease to occupy half of the former Albertson's space,» according to Karlin Real Estate Managing Director Larry Grantham.
The remaining vacant space will be marketed to office users as well as warehouse and airfreight tenants.
Not exact matches
That's a longstanding problem in New York, but what's different now is that in many cases once those shops close the
space remains vacant for months or years.
The food emporium, which would move into the former Fulton Fish Market
space that has
remained vacant since the market moved to the South Bronx in 2005, has generated enthusiasm among community groups and City Council Speaker Christine Quinn, who said it would help economic development in the area.
Will it be in the North Satellite, where the former United Club
space remains vacant in the basement?
Adding office uses to the retail mix not only absorbs
vacant space but provides a ready - made clientele for the
remaining retail tenants.
If the tenant does not renew and the
space remains vacant for some time before a new tenant is found the reduction in NOI will be even greater.
While rents are making progress, they are not quite to pre-recession levels, especially in suburban areas with a lot of
vacant shop
space remaining.
The
space remains vacant because he tries to do the leasing himself to avoid paying a leasing commission.
The property's two tenants hold long - term leases, while an additional 8,000 sq. ft. of the
space remains vacant.