Old Navy and Michaels Stores Sign Leases at Westminster Crossing Totaling Nearly 40,000 Square Feet
Two new “destination” retailers enter Carroll County for first time, joining Bed, Bath & Beyond and Marshalls in continuation of re-tenanting program
Westminster, MD (June 9, 2004) – Greenberg Gibbons Commercial has announced that Old Navy has signed a lease for 14,725 square feet of space, and Michaels Stores, Inc. has inked a deal for 25,000 square feet at Westminster Crossing, a 225,000 square foot shopping center located at the intersection of Englar Road and MD Route 140 in Westminster, MD. This represents both retailer’s first location in the Carroll County region.
Since November of last year, Greenberg Gibbons Commercial has signed leases with Bed, Bath & Beyond (25,079 square feet), Marshall’s (30,500 square feet) and Office Depot (18,540 square feet), in addition to Old Navy and Michaels, cumulatively representing nearly 115,000 square feet of space. The center is now more than 80% leased, with one anchor position and several small in-line spaces left to be leased.
Old Navy, which operates more than 800 stores in the United States and Canada, and markets denim merchandise, graphic tees and performance fleece to adults, kids and the baby market, is expected to open its store on the East side of the project this Fall. Michaels Stores will open its location on the West side of Westminster Crossing sometime between Fall 2004 and Spring 2005. Michaels is recognized as the world’s largest specialty retailer of arts, crafts, framing, floral, wall décor and seasonal merchandise and operates more than 820 stores in the United States and Canada.
Late last year, Greenberg Gibbons Commercial unveiled plans to inject more than $15 million in improvements into the former Englar Shopping Center and former Lowe’s hardware store site, with work expected to be completed this November. The five new stores join SuperFresh and CVS Pharmacy as anchors of the center.
Greenberg Gibbons Commercial and KLNB Retail are overseeing leasing activities, with Mark Bomse of Greenberg Gibbons Commercial and Phil Ruxton of KLNB, supervising this program.
The western portion of the shopping center contains approximately 125,000 square feet of space and features SuperFresh, Office Depot, Michaels and CVS Pharmacy. Bed, Bath & Beyond, Old Navy and Marshalls are located in the center’s east section.
“In Old Navy and Michaels, Westminster Crossing has added two highly recognizable retailing names that will be opening their inaugural stores in Carroll County,” explained Mark Bomse, Vice President of Greenberg Gibbons Commercial. “These latest signings continue our positive leasing momentum that coincides with our decision to completely re-vitalize and improve the project that is strategically located in the City’s northern shopping district,” he added
Construction work began last November on the upgrades at Westminster Crossing, which includes new exterior facades on the retail center, both roadside pylon and in-store signage. More than 44,000 active consumers reside within a five-mile radius of Westminster Crossing, with a median household income exceeding $64,000.
“We are in active negotiations with the final anchor location at the center, which will represent the finishing touch of our re-tenanting efforts. The final result will be a mix of destination-style retailers that has significantly transformed the shopping experience at Westminster Crossing, to the benefit of all Carroll County consumers,” Bomse added.
“Westminster Crossing is an excellent example of how Greenberg Gibbons Commercial maximizes the value of a neighborhood shopping center with our unique re-development, leasing and property management functions,” stated Greenberg, Chairman of the Board of Greenberg Gibbons Commercial. “The addition of these new tenants, combined with the comprehensive physical makeover of the project, has transformed an under-utilized retail asset into a project that matches the specific needs of the community,” he added.
“The Westminster and Carroll County marketplace is extremely attractive to us as it features a strong consumer demographic profile, a growing business base and an outstanding infrastructure network,” stated Brian Gibbons, President and CEO of Greenberg Gibbons Commercial. “Westminster Crossing is perfectly situated to capture the residential areas in central Carroll County, and the adjacent highways open up shopping opportunities from Baltimore County and southern Pennsylvania,” he added.
Greenberg Gibbons Commercial, founded in 1968, focuses on the leasing, development, acquisition and management of commercial real estate properties and retail shopping centers in the Mid-Atlantic region. The firm builds value in these holdings through asset management, re-development and leasing activities. Greenberg Gibbons Commercial presently owns and manages eighteen properties totaling more than three million square feet of space throughout Maryland, Virginia and Louisiana.
For additional information, contact:
Mark Bomse, Greenberg Gibbons Commercial Corporation
410-559-2500, ext. 114
Larry Lichtenauer, LH&A 410-833-6205
