Jo-Ann Fabrics to open at Freshwater-Stateline Plaza
Enfield, Conn. — Centro Properties Group announced a 13,865-sq.-ft. lease has been executed with Jo-Ann Fabrics and Crafts at Freshwater-Stateline Plaza, located in Enfield, Conn.
New York City-based Centro Properties Group is the owner of Freshwater-Stateline Plaza.
Five Below opens at Pelham Manor Shopping Center
Pelham Manor, N.Y. — Dallas-based SRS Real Estate Partners said it has negotiated an 8,280-sq.-ft. lease for Five Below at Pelham Manor Shopping Center in Westchester County, N.Y.
The new store opened in April.
U.S. shopping center industry tallies to nearly 108,000 centers
New York City — The U.S. shopping-center industry grew to approximately 108,000 centers in 2010, according to the latest statistics from CoStar Group. The data, compiled on behalf of the International Council of Shopping Centers (ICSC), marked the slowest U.S. industry growth (+0.2% or 259 centers) on record since at least 1971 for which consistent data exist.
Over the first four months of 2011, 50 new centers were tallied by the CoStar Group, which continues to suggest a sluggish annualized rate of growth. Total shopping-center space trends echo a similar pattern with a 0.2% point gain in 2010 to 7.33 billion sq. ft. of gross leasable area.
“This slow industry expansion in the United States is still part of an adjustment process from the aftermath of the 2007-2009 recession,” observed Michael P. Niemira, VP director of research and chief economist for ICSC. “As the economy continues to grow, however, this more constrained expansion will improve the occupancy rates and make for a more profitable industry.