New Leasing Strategy?

Talk about a mix of high and low! International House of Pancakes (IHOP), a decidedly unglamorous restaurant chain, will reportedly move into the upscale Limelight Marketplace retail venue in the Chelsea section of Manhattan.

Set in a former church building, the Limelight features primarily hip, upscale tenants like make-up seller Face Stockholm, clothing boutique Cult of Individuality and famed Grimaldis pizzeria. The vibe at the property definitely doesn't lead one to wonder, "Where's the local IHOP?"

Is this unusual combination the latest thing in retail leasing, a way for owners of upscale centers to cater to consumers' ongoing focus on value? Does anyone want to share thoughts on what the owners of the place might be trying to achieve?

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