LEASING DEPARTMENT EXPERIENCING A RESPECTABLE YEAR

(October 2009) Hull Storey Gibson Companies, LLC has weathered the year 2009 in great style. Unlike many retail property owners, HSG’s leasing department is flourishing with many new lease transactions and renewed leases throughout its portfolio. The leasing department has also been successful filling large spaces vacated by tenants who were adversely affected by the economy.

“Of particular note” stated Ky Widener, Vice President of Leasing, “is the newly opened Shoe Dept. superstore at Greenwood Mall in Greenwood, South Carolina; two new Burke Outlets at Cleveland Mall in Shelby, North Carolina and Statesboro Mall in Statesboro, Georgia; and The Sock Shoppe at LaGrange Mall in LaGrange, Georgia. We are also pleased to welcome The Children’s Place to our mall in Victoria, Texas, as well the addition of a new Sears dealer store in St. Augustine, Florida, and a new rue21 in New Bern, North Carolina.”

The HSG portfolio has gained a new mix of local and national restaurant tenants as well, including Subway and The Red Pig Café in Concord, North Carolina, Firehouse Subs in Statesboro, Georgia, and Robolli’s Italian in Augusta, Georgia.

Recent outparcel leases include TMobile in Greenwood, South Carolina and Arby’s in North Augusta, South Carolina, as well as the acquisition and demolition of the BB&T bank facility in Statesboro, Georgia to make room for a 25,000 sf Belk expansion.

Finally, the company has had success attracting various non-retail uses, recently including two technical support centers to fill former anchor spaces on the rear of the malls in Greenwood and Sumter, South Carolina, and an American Professional Institute location in Milledgeville, Georgia.

Retention rates for tenants renewing their leases has been high, with smaller markets having endured the retail slowdown in much better fashion than larger metro cities.