Penn Square Mall Update

[rcoletx]

Doesn't any prudent tenant "seriously" look at all of their options? From what I have heard, all of these tenants were already on term leases and therefore did not have the ability to re-locate until their leases expired.

[Patrick]

Doesn't any prudent tenant "seriously" look at all of their options? From what I have heard, all of these tenants were already on term leases and therefore did not have the ability to re-locate until their leases expired.

Yeah, I think that's what happened here....when the new owners came in, the existing tenants began to look at their options.

Actually when the new ownership took over, all of the leases were transfered to short term, month by month leases. This was short term while the ownership group came up with a master plan for the mall area itself. With that being done, they're now signing long term leases again. It's imporant to note that anytime a new ownership group comes in, they don't have to honor the original leases of the previous owner.

From what I've been told, the reason Balliet's stayed was due to a number of factors.....traffic flow in the area, stable regular customer base in the area, decent lease, established business already known to ne at 50 Penn Place (had they moved they would've had to spend a lot of money re-establishing themselves in a new location), etc. etc.