Burdines Leases New Space; Sells Old Building

CLEARWATER, FL-In back-to-back transactions, Burdines Inc., a 102-year-old, 53-unit, Miami-based department store chain leased 65,000 sf for 15 years at the 90,011-sf Village at Countryside where it will house a Burdines Furniture Gallery. The estimated value of the lease is $12 million.

The site at U.S. 19 and Enterprise Road is 80 miles west of Downtown Orlando. The average rent is $13 per sf plus $4 per sf for common area maintenance.

At the same time, Burdines sold its 180,000-sf store at the nearby Clearwater Mall to New Plan Excel Realty for $4.75 million or $26.39 per sf. The store is at State Road 60 and U.S. 19.

Jim Roberts of Colliers Arnold negotiated for Burdines on the lease transaction. Pauline Pappas of Pappas Retail represented Gibraltar Realty, the owner of Village at Countryside. Colliers Arnold also negotiated the Burdines store sale.

Federated Department Stores Inc. of Cincinnati owns Burdines which posted 1999 sales of $1.38 billion. Burdines operates 53 Florida stores occupying gross sf of 8.39 million.