Coventry Real Estate Advisors awarded Urban Retail Properties LLC the contract to provideservices for 39 assets across the country.
The properties, former Service Merchandise spaces, range in size from approximately 25,000 square feet to over 70,000 square feet and are located in 22 states across the U.S.
“We chose Urban Retail because of their exceptional history in the industry and their ability to perform on large scale asset portfolios such as Service Merchandise.” Coventry Director of Asset ManagementLoren Henry said in a statement. “This is the second assignment Coventry has awarded Urban in the last nine months and their strong performance managing andTri-County Mall made them the clear choice for the Service Merchandise portfolio.”
Urban Retail will review each center individually to identify a specific plan with the goal of improving sales performance and occupancy. For vacant spaces, Urban will target tenants that will best serve the surrounding communities and help ensure a future for the assets.