Crown American Realty Trust (NYSE: CWN) has signed a two-year contract to manage and lease the 655,556 square foot Laurel Mall located in Laurel, Maryland. Laurel Centre Associates, LLC owns the property.
The contract is scheduled to begin in December 2001 and represents Crown American's first third party mall management and leasing contract. The Company had previously secured leasing contracts on two retail properties in North Carolina.
Laurel Mall is centrally located in the Baltimore-Washington corridor. The trade area population is approximately 377,000 and expected to increase to over 400,000 by 2003. The average household income is $73,454.
Opened in 1979, Laurel Mall is anchored by Hecht's, JCPenney and Burlington Coat Factory (opening later this month). It is located along U.S. Route 1 and Cherry Lane, approximately two miles from I-95 and four miles from the Baltimore/Washington Parkway.
Crown American Realty Trust's portfolio now includes enclosed regional malls aggregating 16 million square feet of gross leasable area.