It didn’t take long for the owners of the Brandywine Crossing shopping center in Prince George’s County to find a new tenant to replace Joann, the fabrics and crafts retailer that’s going out of business.
The department store chain Burlington Stores Inc. (NYSE: BURL) has agreed to lease the 25,310-square-foot space and intends to move in early next year, Brandywine Crossing’s owner, First National Realty Partners, announced Wednesday.
Red Bank, New Jersey-based First National Realty said it secured the deal with Burlington shortly after Joann announced in late February that it is going out of business and closing all 800 of its stores in 49 states. Joann is in the process of winding down operations and is expected to vacate its stores within weeks.
The deal further illustrates the strong demand for large blocks of retail space at a time when there’s very little new retail construction. While the wave of national chain store bankruptcies would ordinarily spell trouble for…
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