Stonemar Properties leases 34,600 s/f retail space to Dunham's Sports

Dunham's Sports signed a $2 million 10-year 34,600 s/f lease at Jackson Plaza, according to Jonathan Gould, CEO of Stonemar Properties, owner and manager of the shopping center. The deal was sealed with a $600,000 buildout contribution from Stonemar, said Gould whose Stonemar firm brokered the transaction along with The Shopping Center Group. Jackson Plaza is one of the largest shopping centers in the growing trade area and is anchored by an 80,000 s/f Sears store and a 59,000 s/f Belk department store. Other anchors include national, regional and local retailers such as TJ Maxx, Food Lion, Old Navy, Petco, and Factory Card Outlet. The drawing power of the area is enhanced because Cookeville Market Place, a smaller shopping center, is right across the street. Dunham's Sports, an expanding sporting goods chain, operates in 12 states from Minnesota to Maryland. It will be the first specialty sporting goods store, the only one that is "big box," in the Cookeville area. "We look for Dunham's to achieve results beyond its expectations as has The Children's Place, a national children's clothing retailer which opened in Jackson Plaza last September," said Gould. In addition, clothing retailer Rue 21, an existing tenant, is finalizing construction of a new and larger store adjacent to Food Lion, expanding from 3,000 to 6,000 s/f, says Gould. Cookeville, a growing city midway on I-40 between Nashville and Knoxville, is the trade center for over 200,000 people and has annual retail sales of about $1.16 billion, according to Gould. "Cookeville has excellent traffic and accessibility to 25,000 people who travel daily to work," he said. "The Cookeville area has a diversified employment base, a hospital that employs over 1,800 employees, local symphony, drama playhouse, museums, and recreation opportunities, and it is home to Tennessee Tech University with 11,800 students." Stonemar Properties, LLC is a shopping center investment and management company based in New York City which has participated in equity transactions worth more than one billion dollars.