JLL repositioned Town Center Plaza into a diverse retail, dining and entertainment center serving the Kennesaw, GA /Town Center trade area. Due to JLL’s expertise and new leasing efforts, we leased 52,943 square feet of retail space to national and regional tenants. JLL completed a strategy of increasing the tenant credit quality while creating a diverse offering of retail, restaurant and entertainment.
Town Center Plaza, located in Kennesaw, GA underwent a dynamic change in tenant mix. The client was seeking a creative leasing strategy that would complement its extensive physical upgrade of the property by repositioning the asset with stronger credit tenants, providing long term stability for the existing anchor tenants (TJ Maxx, Marshall’s and HomeGoods), and creating a dynamic and fresh experience for the customers. In addition, ownership wanted to explore alternate uses for the existing 27,000 square feet of space on the lower level. Previously, this space had been leased to tenants at below market rates.
JLL retail leasing identified opportunities with existing tenants, renewal dates and relocation clauses that could be opportunities to reposition the asset in accordance with the owner’s desire. Due to our extensive market knowledge and retailer relationships with leading retail brands, we were able to achieve the following:
- Replace the existing 4,680 s.f. hair salon tenant with a national tenant, Salon Lofts, at a higher rental rate
- Lease formerly vacant 2,787 square foot retail space with Cowboy Chicken, a fresh new national restaurant concept
- Replace the existing 27,000 square foot tenant with a growing entertainment concept at market rents (increased space to 38,312 square feet)
- Added a second Atlanta location for Rockler Woodworking and Hardware, a national specialty retailer, leasing 5,840 s.f.