By Maya Pottiger
There could be new businesses in the Pasadena Crossroads Shopping Center as soon as October.
In November 2015, Sterling Organization purchased the shopping center. At that time, all of the storefronts were occupied. Now, the organization is planning a “full-scale redevelopment” of the property, as well as bringing in new tenants.
“The property was 100 percent leased at acquisition, but Sterling believed that during its ownership there would be an opportunity to recapture the Kmart, and potentially the Babies R Us and Shoppers Food spaces to add value as they all paid below-market rents,” said Greg Moross, principal and chief operating officer for Sterling Organization in a statement.
Currently, HomeGoods, Hobby Lobby and TJ Maxx have signed leases to fill the shopping center.
“We have now executed leases with HomeGoods and Hobby Lobby to take the majority of the Kmart space, and will create about 11,950 square feet of small shop space facing Governor Ritchie Highway, which will take up the remainder of the Kmart space,” Moross said in the statement. “We have also executed a lease with TJ Maxx to occupy a portion of the Babies R Us space, and we are working on several other national leases to fill up the remainder of the vacancy that can be announced once executed.”
With other big corporations, like Sears, going out of business in the area, Pasadena Business Association Executive Director Sandi Parrish said she wonders what the next five years will look like.
“I think any impact is good rather than an empty storefront,” Parrish said. “Any kind of new business is good for the economy.”
Parrish also noted the additional jobs these new businesses will bring to Pasadena.
“Obviously it’s going to bring jobs to the area,” Parrish said. “Hopefully some of those people that lost their jobs when those businesses went out can now recoup jobs with these incoming companies.”
Other than TJ Maxx, HomeGoods and Hobby Lobby, none of the other incoming tenants have been announced.
Sterling Organization owns more than 10 million square feet of real estate across the United States. Pasadena Crossroads is the company’s only property in Maryland.
“We anticipate commencing a full-scale redevelopment of the property in early Q2 with tenants opening for business between October 2019 and March 2020,” Moross said in the statement.