Stonemar inks $2.25 million, 7,500 s/f lease to AT&T

Stonemar Properties, Inc., owner of Owensboro Towne Centre inked a $2.25 million 10-year lease of 7,500 s/f to AT&T Wireless. "We are very pleased to bring another major tenant to Owensboro Towne Centre, showcasing the location advantages that make this one of the top retail locations in the Ohio Valley," said Jonathan Gould, CEO of Stonemar. "With its location directly across from the area's dominant mall, Owensboro Towne Center's best days are ahead." Stonemar engineered the vacancy of its Hollywood Video spaces in advance of its bankruptcy filing. The leasing transaction was brokered by The Shopping Center Group, which now represents Stonemar Properties at its locations in Kentucky, Arkansas, and Tennessee. This lease brings the Owensboro center back to full occupancy, Gould said. Stonemar has been building on its strategy of acquiring and managing high-quality retail assets adjacent to dominant malls throughout the U.S., according to Gould. It targets mature locations with improving demographic trends superior access, high traffic volume and strong retail sales. Owensboro Towne Center is situated along Owensboro's main retail corridor on Frederica St. and is across from the Towne Sq. Mall. Other anchor stores at Owensboro Towne Centre include TJ Maxx, Shoe Carnival, H&R Block, Toys R Us, PetSmart, Factory Card Outlet and the recent openings of Best Buy and Jo-Ann's Fabric Store. The center is anchored by a recently expanded Target and outparcels in the center include a TGI Friday's. Stonemar purchased Owensboro Towne Centre in late 2006 for $19 million in a joint venture with Kimco Realty.