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Former Frederick Towne Mall Renamed District 40, Coldwell Banker Commercial Secures Warehouse Cinemas as First Tenant

Written by Posted On Tuesday, 05 November 2019 06:43

The vacant mall will be transformed into a premier entertainment center

 

FREDERICK, MD. (Nov. 5, 2019) – Faraz Cheema, a commercial real estate specialist affiliated with Coldwell Banker Commercial NRT, announces Warehouse Cinemas as the first tenant for the newly named District 40, the formerly vacant Frederick Towne Mall located at 1301 W Patrick St in Frederick.

Frederick Towne Mall was shuttered in 2013, since which time it has sat vacant. The property has been renamed District 40 and has been reimagined as a premier entertainment center that will bolster the lifestyle offerings of Frederick, Maryland. The first signed tenant is an indication of the demand in the local market that is being fulfilled by this notable project.

“This leasing is a great sign that the Golden Mile Corridor’s continued strong draw for business investment and growth,” said Cheema. “Warehouse Cinemas’ arrival to District 40 speaks to its future as an entertainment destination in Frederick, and the revitalization of former retail centers being seen nationwide.”

“Frederick’s Golden Mile is a critical retail corridor for our citizens, and we are excited to see Warehouse Cinema moving forward with its plans to open a destination cinema experience at District 40 “said Michael O’Connor, Frederick’s Mayor.  “Congratulations to the property owner, its real estate broker, and Warehouse Cinema for continuing to move this key project forward.  We are confident that Warehouse Cinema will play a major role in drawing new retail traffic to the area, reinvigorating the former mall, and creating a new destination on Frederick’s west side.”  

According to Frederick’s Director of Economic Development Richard Griffin, “The Golden Mile is a top retail destination corridor with over 50,000 vehicle trips daily and 117,000 people living within five miles of the corridor with average household incomes of $103,000 annually.”  Griffin offered that “The City has prioritized efforts to promote the Golden Mile as a state and locally designated Enterprise zone and we are thrilled to see this type of investment occurring.  With business investment like Warehouse Cinema and continued public support, the City remains confident that the Golden Mile will continue to thrive in the future.”

The one-story building is located off Route 40, in the heart of Frederick’s Golden Mile Corridor and was built in 1972. The property consists of approximately 580,063 square feet on 37.35 acres of land. Pad sites will be available for ground lease in the later development phase of District 40, estimated date in 2020.

District 40 is being marketed and leased by the Coldwell Banker Commercial affiliated agents Faraz Cheema, Danielle Balkin and Karl Lataillade.

“Faraz, Danielle and Karl are exceptional negotiators when dealing with clients, and Warehouse Cinemas will be a fantastic addition to District 40’s retail center,” said Duff Rubin, president of Coldwell Banker Commerical in the Mid-Atlantic. “This lease deal is indicative of how owners and investors are eyeing new uses for former retail centers to draw consumers.”

Warehouse Cinemas signed a 39,000 sq. ft. lease and is renovating their space to feature their patent pending technology, SkyVUE, with premium sound, leather recliner seating, a quick serve restaurant and beer, wine and liquor.

"We are excited to begin construction on Warehouse Cinemas at District 40 later this year. Our analysis predicts over 400,000 guests each year, resulting in valuable foot traffic and a positive impact on neighboring businesses at the center and the area as a whole." Rich Daughtridge, President and CEO of Warehouse Cinemas.

For additional information, contact Faraz Cheema at his office (301) 637-1677 or via cell at (202) 274-0835 or  This email address is being protected from spambots. You need JavaScript enabled to view it.. License No. MD 664186

About Coldwell Banker Commercial NRT

Coldwell Banker Commercial NRT operates in 21 states and provides commercial real estate solutions serving the needs of owners and occupiers in the leasing, acquisition and disposition of all property types.  With a collaborative network of independently owned and operated affiliates, the Coldwell Banker Commercial organization comprises almost 200 companies and more than 3,000 professionals throughout the U.S. and internationally. For additional information, visit www.cbworldwide.com

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