Owner Announces Strong Leasing at Inlet Square in Murrells Inlet, SC


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.”

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