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Out of the Box Ventures, a subsidiary of Miami-based developer Lionheart Capital, is slashing rents at many properties to help tenants stay afloat during the COVID-19 pandemic.
The company is forgiving between 60 percent and 70 percent of tenants’ rents for April and May across its 30 properties in 17 states. Out of the Box, which converts outdated retail centers into mixed-use space and owns more than 6 million square feet of retail property, is asking participating tenants to continue to pay their shares of common-area-maintenance fees and taxes.
“We believe that we are in the same boat as our tenants,” said founder and CEO Ophir Sternberg. “Their success is our success.” The regional malls and shopping centers whose tenants benefit are Battle Creek Plaza in Battle Creek, Michigan; Haute City Center in Terre Haute, Indiana; Lakeside Mall in Sterling Heights, Michigan; Richland Mall in Mansfield, Ohio; Victory Village in Williamsburg, Virginia; and Walnut Hill Plaza in Woonsocket, Rhode Island. Big-box stores in Out of the Box properties nationwide also will benefit from the program.
By Brannon Boswell
Executive Editor, Commerce + Communities Today
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