It’s good to see some positive momentum at Grant Park Plaza.
Two new tenants are coming to the center in coming months.
The biggest name is Planet Fitness. The national fitness club has signed a 10.5-year lease for a vacant 18,308 square-foot space in the northern half of the center, near Pick ‘n Save. The club could open as early as September, following more than $600,000 in improvements coming to the center with the buildout of the new space.
To help fund those improvements, the South Milwaukee City Council approved disbursing $250,000 in tax incremental financing and other funds held in escrow per the development agreement with the center owners — funds that would come available only when the center reached an 80% occupancy rate. The addition of Planet Fitness brings it past that threshold.
The council also approved the sale of the Advanced Auto Parts lot to the Crowne Group Inc., a real estate investment company. It’s a deal similar to what’s occurred with other parcels at Grant Park Plaza.
Additionally, the center has a letter of intent from CSL Plasma to open in 10,000 to 12,000 square feet adjacent to Walgreens next spring. Stay tuned for more details on that tenant. CSL has locations nationwide, including in Racine and Beloit. Learn more on its website.
The addition of the plasma center will push mall occupancy past 90% — not bad for a strip center these days.