Galleria anchor tenant moving to Lumina Commons
July 10, 2012By J. Elias O'Neal
One of the Galleria’s largest tenants is abiding by a request to vacate the nearly 20-year-old shopping center later this summer.
Crest Fitness recent signed a lease to move into 5,582 square feet of new retail space at the Lumina Commons Shopping Center, 1930 Eastwood Road.
Bill Rose, a broker with Wilmington-based Coldwell Banker Commercial Sun Coast Partners, represented the landlord to execute the 10-year lease agreement; while Paul Loukas, with Wilmington-based Cape Fear Commercial, represented Crest Fitness.
Logan Chase with Coldwell Banker Commercial Sun Coast said Crest Fitness will remain in the Galleria until its new space is renovated and upfitted.
Crest Fitness officials could not be reached for comment by press time Tuesday afternoon.
In April, the Atlanta-based landlord of The Galleria – Equity One – notified tenants that they must vacate the property by Aug. 24.
Bob Mitzel with Equity One said since Harris Teeter relocated to Lumina Commons, much of the shopping center has sat vacant. He said while the company has contacted many major anchor stores around the country, many have expressed their lack of interest in the property in its current state.
In order to match new tenants with the property, Mitzel said the first phase in redeveloping the space is removing all of its existing tenants. He said if phase one fails, his firm would demolish the building by the end of the year.