joannsNeyer Properties, Inc. announced a 24,000 square foot lease transaction at Houston Lakes retail center, in Florence, Kentucky.

Jo-Ann Fabrics, a specialty retailer of crafts and fabrics based in Hudson, Ohio, signed a ten year lease and will  be joining other major retailers in the area including The Home Depot, Kohl’s, Haverty’s, Meijer and Urban Active fitness.

“Due to the volume of business at their current location in Florence, the need for larger space was inevitable,” said Andrew Sellet of Cassidy Turley.   “The company will be doubling in size from its location on Mall Road.”
The space on Spiral Drive was previously occupied by Media Play and was acquired by Neyer in November 2010.  Continuing an aggressive growth strategy, Neyer purchased the troubled asset with the goal of renovating, repositioning and leasing this well-located property.  One million dollars will be spent renovating the property for Jo-Ann Fabrics including upgrading the exterior of the building, constructing a new entrance and adding improved signage.  24,000 square feet currently remains available.
Bob Byrne of Edge Commercial Real Estate represented the tenant in this transaction.  Andrew Sellet of Cassidy Turley represented the landlord.
In addition, Neyer recently secured two new tenants at Red Bank Retail I and Keystone Parke I.   Sprint Wireless becomes the latest tenant at Red Bank Retail, making this 10,000 square foot building fully occupied.  Hanger Prosthetics makes Keystone Parke their new home, occupying 5,200 square feet, leaving only a few spaces remaining in the building.   Both companies anticipate October occupancy.