Religious institutions increasingly taking vacant retail space in malls

TRD New York /
Oct.October 12, 2017 06:05 PM

Call it a Hail Mary play: landlords are taking a fresh look at churches to fill vacancies in struggling retail centers. The interest marks a departure for landlords, who typically considered religious institutions to be weak tenants, as they are usually not open all week and could be harder to evict since they don’t pay rent, the Wall Street Journal reported. At least 111 malls and open-air centers now have churches in them, according to an analysis of August 2017 data from the Directory of Major Malls, which tracks 8,200 retail centers in the U.S. There are three churches in the Grand Cities Mall in Grand Forks, North Dakota, and the Outlets in Loveland, Colorado leases 34,000 square feet to three churches and a synagogue. [WSJ]


Related Articles

arrow_forward_ios
(Image by Wolfgang & Hite via Dezeen)

Hudson Yards megadevelopment inspires a new line of sex toys

Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio

Wendy Silverstein (Credit: Getty Images)

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out

State Senator Julia Salazar and Assemblymember Harvey Epstein (Credit: Getty Images)

Pols take aim at private equity with new plan to tax mezz debt

Treasury Department watchdog is investigating the Opportunity Zone program (Credit: iStock)

Opportunity Zone investigation won’t derail developer investment, experts say

Clockwise from top left: Jim Whelan, Larry Silverstein, Helena Durst, Teodora Zobel, Jonathan Mechanic and Laurinda Martins, John Catsimatidis, Gary Barnett, Mark Weprin, Donovan Richards, Bruce Mosler, Adelaide Polsinelli and David Schechtman (Photos by Anuja Shakya)

Reflection, resentment and some remorse: Real estate’s mood at the REBNY gala

45-10 19th Avenue in Long Island City (Credit: Google Maps)

Broadway Stages plans another LIC film studio

Firefighters work to extinguish a fire as a building burns after an explosion on 2nd Avenue in March 26, 2015 (Credit: Getty Images)

$24K in rent set in motion the fatal 2015 East Village blast. Prison now looms for the landlord and contractors

arrow_forward_ios
Loading...