RAIT Financial Trust is pleased to announce that, since taking control of Inlet Square in Murrells Inlet, South Carolina in September of 2009, seven new leases in excess of 20% of the property, or approximately 90,000 square feet, have been signed. As a result of these leases, the occupancy rate will increase to approximately 90% from 68% in September 2009. Key leases signed since RAIT acquired Inlet Square include a cinema and entertainment venue, an apparel store and a nationally recognized kids store.
Inlet Square is a 430,000 square-foot mall anchored by JC Penney, Belk, Kmart and Stein Mart. It recently underwent a $4.5 million renovation to help attract new tenants. Scott Schaeffer, RAIT’s Chief Executive Officer and President, commented, “This is a good example of RAIT using its core real estate knowledge and capabilities to create value within its commercial real estate portfolio.”
