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ReDev Properties Ltd. is pleased to announce the completion of a 10 year lease with the Mandarin Restaurant to occupy a 11,222 square foot space at Imperial Square. The lease was finalized on 31 October 2013.
Mandarin Restaurant is a prominent Chinese food buffet style restaurant, with over 20 locations in Southwestern Ontario. The restaurant has a profitable business model and has proven very popular with customers.
Richard Crenian, President of ReDev Properties Ltd., offers the following thoughts on the lease: "we are very pleased with the outcome of the lease. Significant time and negotiation was needed to bring it to its completion due to the complexity of its terms. As the asset manager, our emphasis on patience, flexibility, and creativity allowed us to agree to terms with a tenant who will add a significant presence to the shopping plaza."
To complete the deal, 2 existing tenants needed to be moved by the landlord. Their spaces were cleaned and surrendered at the end of January 2014, and the landlord's work was completed by 28 February 2014. Mandarin is currently in possession of the unit and are completing their fixturing of the space. They will open for business prior to October 2014.