“I am pleased to have secured a long-term commitment from a national grocery store of this caliber for the redevelopment,”
Jablonski said that Save-A-Lot will occupy 18,000 square feet and expects the grand opening during the second quarter of 2012.
In addition to Save-A-Lot, two new leases were executed in late 2011, raising the center’s occupancy by 11%. “We have experienced noticeable improvement in tenant interest since taking over property management responsibility in 2010 and making meaningful physical improvements to the center,” said Jablonski. “Aside from the center’s inherent real estate strengths, I believe these efforts have contributed to our appeal,” he added.
Pizza Hut and Cyber Hot Spot all opened in 2011. “I believe there is a growing trend for retailers of all kinds to forsake stand-alone buildings in favor of smaller, multi-business units in order to benefit from the close proximity to neighboring tenants,” Jablonski said. “Pizza Hut is a prime example. In our case it moved from a large, stand-alone store to one or our units with two-thirds less space and saw sales improve significantly.”
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CenterMark Development LLC is a real estate development and management firm founded in late 2008 by Mark and Kelly Jablonski, both former commercial real estate lenders. The company focuses on the construction and rehabilitation of small and mid-sized retail projects. Its principals have over 30 years of combined experience and have been responsible for the development of 14 shopping centers and free-standing retail projects in and around Northeast Ohio.