Changes afoot for Promenades

Monday, July 11, 2011

The Charlotte Sun- Port Charlotte, FL
By JEN WULF, STAFF WRITER

Promenades Mall is getting a Tuesday Morning home accessories store this month, and the entire mall will see renovations after the property was recently sold to a company based in Lake Worth.

“Promenades is a stabilized shopping center with a strong and diverse tenant base, ranging from national and regional retailers like Winn-Dixie and Bealls Outlet to established local businesses,” Ron Riley, executive vice president of operations of the mall’s new owner, In-Rel Properties, said in an email. “At the same time, the property afforded us with the opportunity to unlock value by leasing up a few of the existing vacancies.”

Of the 230,704 square feet of commercial space, 86 percent of the Port Charlotte mall was occupied when In-Rel bought the property, Riley said. He said the company will also make cosmetic changes to the building, and some existing businesses are hopeful for prime real estate on the marquee out front.

“People call and say, ‘Where are you?’ Even if I had a little sign, that’d be wonderful,” Mike Nguyen, manager of Le Nails and Spa, said. “When you’re on (Route) 41, if you don’t have that sign, they don’t know you’re there.”

Nguyen and Debbie Wood, owner of Deb’s Dollar Store, were the only two businesses owners out of several visited who offered comments. Both were happy for a change.

“I feel so much better about this right now,” Wood said, “At least they’re willing to work with you.

Wood and her 16-year-old son have been keeping the store afloat for almost three years. They’ve now changed up their merchandise and reorganized, but Wood said it was touch-and-go for the last year as they tried to negotiate rent relief with their former landlords.

“My shelves got down to basically bare. I didn’t know if we were staying or going because they wouldn’t give me a straight answer,” Wood said.

Former owner Edens & Avant could not be reached for comment.

Promenades Mall houses Beall’s and the under-renovation Winn-Dixie grocery store along with several local retailers. Riley said the company plans to renew the leases with all the businesses currently housed at the mall. Tuesday Morning will move into the space formerly occupied by Dockside Home Decor, which nearby retailers said had moved out of the shopping center in the past couple months.

In-Rel bought the mall in early May for $15,500,000. The company already owns about one million square feet of commercial space in Southwest Florida, according to Riley.

“The shopping center has been wellmaintained, but we are planning on enhancing the aesthetics of the property,” Riley said in the email.

“This will include exterior painting, new signage, landscaping, lighting and parking lot work. In the rear of the center, we are currently exploring adding a circular drive to provide better ingress/egress to the rear portion of the shopping center.”

Riley said the company wanted to attract national, regional and local businesses and that the pricerange will “complement existing retailers.” He also said it is not focusing on one industry in particular, and will be soliciting business from retailers, restaurants and medical office space.

“We appreciate the market fundamentals on the retail front and look forward to growing our portfolio in Charlotte County over the years to come,” Riley said.

Email: jwulf@sun-herald.com