CONCORD, N.C. — Concord Mills ownership has secured two legal victories against mall tenants in Cabarrus County courts in recent weeks.
Mall at Concord Mills Limited Partnership — affiliated with mall owner and operator Simon Property Group Inc. (NYSE: SPG) — was awarded a $606,200 judgment against A Sneaker City on June 29, along with more than $90,000 in attorneys’ fees.
A judge ruled the high-end footwear retailer was in default after failing to respond to the landlord’s claims.
Concord Mills filed its lawsuit in March, alleging breach of lease and breach of guaranty. The complaint named A Sneaker City Charlotte Inc. as well as three affiliated New York companies that signed lease guaranties.
A Sneaker City signed a lease in June 2022 for a 2,253-square-foot store at the mall and later extended the agreement through July 31, 2028.
Lease terms called for minimum annual rent of $135,180, or $60 per square foot, through July 2026. The retailer also was required to pay percentage rent equal to 15% of gross sales above a specified threshold.
The judgment reflects past-due rent as well as the net present value of future rent due under the lease.
Efforts to reach A Sneaker City for comment were unsuccessful on July 10.
In a separate case, Concord Mills ownership won a summary ejectment action against EZ Purchase, which operates Go Green CBD at the mall.
A judge ruled July 8, that the landlord was entitled to possession of the retail space.
Read the full story on CBJ’s website here.
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