Glimcher Realty Trust Announces Kmart Lease for Morgantown Commons

Strategic Insights -

Glimcher Realty Trust, a fully integrated real estate investment trust, has announced that Kmart has signed a lease to anchor Morgantown Commons, a community shopping center in Morgantown, WV. An investment of approximately $10 million will be made to construct a new Super Kmart store, which is expected to open in the first quarter of 1996. The construction lender is Huntington National Bank, and the new store will be located in an approximately 65,000 square foot space previously occupied by Giant Eagle supermarket. Kmart will occupy 100% of the now-vacant space, and GRT will provide additional space of approximately 70,000 square feet. The new store will create approximately 250 to 300 new permanent jobs for Morgantown residents.

Key Takeaways:

  • Glimcher Realty Trust has secured a lease with Kmart to anchor Morgantown Commons, a community shopping center in Morgantown, WV.
  • The investment for the new Super Kmart store will be approximately $10 million, with a total floor area of approximately 135,000 square feet.
  • The store is expected to open in the first quarter of 1996, subject to certain conditions.
  • Kmart will occupy 100% of the approximately 65,000 square foot space previously occupied by Giant Eagle supermarket, and GRT will provide additional space of approximately 70,000 square feet.
  • The new store will create approximately 250 to 300 new permanent jobs for Morgantown residents.
  • Glimcher Realty Trust is a fully integrated, self-administered and self-managed real estate investment trust with a portfolio of 87 properties in 22 states, aggregating over 13 million square feet.
  • The company owns, leases, manages, acquires, and develops enclosed regional malls, community shopping centers, and single-tenant retail properties.
  • Herb Glimcher, Chairman of Glimcher Realty Trust, stated that the new Super Kmart will enhance traffic at both Morgantown Commons and Morgantown Mall, the adjacent enclosed regional mall.

Statistics:

  • Total investment for the new Super Kmart store: approximately $10 million
  • Total floor area of the new Super Kmart store: approximately 135,000 square feet
  • Timeframe for opening the new Super Kmart store: first quarter of 1996
  • Number of jobs created by the new Super Kmart store: approximately 250 to 300
  • Portfolio of Glimcher Realty Trust: 87 properties in 22 states, aggregating over 13 million square feet

Sources:

  • BUSINESS WIRE, "Glimcher Realty Trust Announces Kmart Lease for Morgantown Commons" (May 2, 1995)
  • Glimcher Realty Trust, "About Us" (no date)
  • G.A. Kraut Co. Inc., "Glimcher Realty Trust" (no date)