MPI reports surge of new lease deals

New York -- MPI has reported a significant increase in leasing volume within its core retail portfolio during the first four months of 2013 vs. the same period last year.



As of May 1, MPI has executed 23 new lease deals, many with new to the market tenants, representing a total of 113,900 sq. ft. throughout its national retail portfolio.



On a year-over-year basis, the company has seen the number of new leases grow by 28%.



Leasing highlights include a 14,360-sq.-ft. New York City flagship for Texas De Brazil in MPI’s Savoy Shops, a mixed-use property comprising 52,317 sq. ft. of commercial space on three floors of a 43-story luxury residential building, which was originally developed by MPI in 1986.



Texas De Brazil’s repositioned space at The Savoy, which is also home to the flagship location of Dylan’s Candy Bar, features over 260 feet of glass frontage and 13,000 sq. ft. of ground floor and second level dining space.



Retailer C. Wonder signed a new lease for 3,299 sq. ft. at The Gate at Manhasset in Long Island; Ulta Beauty leased 10,277 sq. ft. at Bayshore Town Center in Milwaukee; and Gap Kids/Gap Baby signed a new 9,993 sq.-ft. lease at Zona Rosa Town Center, in Kansas City.



MPI said it is also actively working to enhance the current and future tenant/shopper experience with creative and strategic portfolio redevelopment initiatives. At Akers Mill Square in Atlanta, MPI recently undertook the retrofit of a single tenant, 33,000-sq.-ft. space that will soon accommodate several national retailers such as Old Navy. At The Greene Town Center in Dayton, Ohio, the company is developing up to 100,000 sq. ft. of new retail space.