CREC has completed of a lease to bring Ross Stores to Miller Square Shopping Center in Miami’s West Kendall submarket, according to a release.
The firm partnered with owner Principal Real Estate Investors and manager Schiff Properties to create space for the ground-up development of a 30,000 square foot Ross store by demolishing an underutilized section of the center. The project resulted in enough space for a high-quality tenant like Ross and complementary retailers that will drive additional shoppers to the complex.
Located on the Southwest corner of 137th Avenue and Southwest 56th Street, Miller Square Shopping Center currently spans 196,323 square feet. CREC has been working with Principal Real Estate Investors to reposition the retail asset, with CREC’s Steven Henenfeld, Co-Director of Retail Leasing, and Ruben Suarez, Senior Leasing Associate, heading leasing and marketing efforts on behalf of the landlord.
“By demolishing more than 21,000 square feet of underperforming space at Miller Square and constructing a Ross, we are in a position to draw more retail brands that will add tremendous value to the center and attract more shoppers,” explained CREC’s Steven Henenfeld. “Seeing the opportunity to maximize revenue potential, our team negotiated relocation and termination agreements with smaller tenants in order to redesign the retail space to draw larger tenants.”
CREC has worked with the landlord to secure permit approval to build the new Ross Stores that will become one of the center’s anchors. Construction is set to begin soon with the store’s delivery by 2015. After the Ross is complete, Miller Square Shopping Center will grow in size into a 205,120-square-foot shopping complex.
“The opportunity envisioned at Miller Square is a text book example of how we are working with our property managers and leasing partners to create new value for our assets,” explained Nate Adams, Senior Asset Manager with Principal Real Estate Investors. “This was truly a team effort between Principal Real Estate Investors, CREC and Schiff Properties. The result is a new anchor that will drive additional traffic to the property and benefit our entire roster of tenants.”
Beyond Ross, LA Fitness recently took over a 27,680 square foot space formerly occupied by Bally Total Fitness. Miller Square Shopping Center is also home to a Publix Sabor supermarket, El Dorado furniture store, ACE Hardware, CVS Pharmacy, UPS Store, GNC, H&R Block, and other high-quality tenants.