TJX signs six-lease deal with Big V Property Group
TJX Cos. is expanding its presence at open-air shopping centers through a new partnership.
The company and Big V Property Group have completed six new leases to bring the off-price giant’s banners to new locations in Texas, Virginia and Tennessee. TJX has signed leases for its Sierra, Homesense and Marshalls concepts for a total of 74,577 sq. ft. at The RIM in San Antonio.
In addition, leases have been signed for a TJ Maxx, HomeGoods and Homesense store of 80,000 sq. ft. at Pocono Crossing in Richmond, Va., and a 25,626-sq.-ft. Homesense store at The Avenue in Murfreesboro, Tenn.
“This is a tremendous commitment from TJX, and a validation of our business strategy of acquiring open-air centers and adding value to them through strategic re-leasing and renovation,” said Tony D’Ambrosio, VP of acquisitions and dispositions at Big V Property Group. “In addition, in a period of little new construction, it makes sense for retailers to find locations in prime existing properties, and we have the projects and the construction expertise to configure our rare vacancies to their needs.”
[READ MORE: TJX maintains momentum in Q3; holiday season off to ‘strong start’]
The TJX stores at The RIM are part of an overall redevelopment of the mixed-use complex with 1.2 million sq. ft. of national, regional and local retail, two hotels with a combined 200 rooms, and six residential buildings with 4,500 to 5,000 condominiums and apartments around The RIM.
“Big V Property Group acquired this center in 2021 with the goal of adding even more value to this already dominant property,” said Greg Ix, senior VP of leasing at Big V. “Adding these TJX concepts provides even more choice and value for northwest San Antonio and gives TJX a terrific location in a dominant center where many retailers have their top-performing stores.”
In Virginia, the TJMaxx/HomeGoods store will join Academy Sports in occupying a 92,000-sq.-ft. former Burlington location.
“This entailed a complex division of façades and infrastructure, including plumbing, HVAC and more, of what had been a single location into two distinct stores,” said Scott Cozzali, VP of construction at Big V.
Homesense will be one of the newest tenants at The Avenue Mufreesboro. Acquired in 2020, The center has 853,000 sq. ft. of lifestyle and power center tenants, anchored by H&M, Belk, Bar Louie, Barnes & Noble and more.
“Building value in a retail property, even one as dominant as The Avenue is a step-by-step process,” Ix said. “Adding Homesense to The Avenue adds yet another value component to our mix, which includes dining, fashion, home furnishings, books, sporting goods and more. It’s additional value to our shoppers and our investors. And we’ll keep on doing that throughout our portfolio.”
Big V Property Group owns and operates over 50 neighborhood and community shopping centers totaling over 9.5 million sq. ft., primarily located in the southern region of the U.S.
