CERRITOS, CA—Coreland Companies’ Matt Hammond brokered a 15-year lease with Orchard Supply Hardware for 40,000 square feet at Cerritos Plaza. Hammond represented the landlord, KAM LLC, in the transaction valued at $10 million. OSH was represented by Jason Gordon of Epsteen & Associates.
The 200,000-square-foot shopping center located off South Street and Carmenita Road, is also undergoing a complete renovation.
“Cerritos Plaza is a well-positioned grocery-anchored shopping center that has always had great success, but needed to be refreshed,” said Hammond, Coreland’s director of retail brokerage. “When this anchor space came available we had a lot of competition from traditional retailers and gyms who saw the strength of the local market.
Since being acquired by Lowe’s in 2013, OSH has reemerged in the marketplace. “We considered numerous use options for the former crafts-store space, but ultimately OSH was the best fit. It is a strong compliment to the Ralphs, CVS and the other daily-needs services available in the center,” noted Hammond.
Cerritos Plaza, also managed by Coreland Companies, recently began its renovation efforts which will include a façade renovation, new master sign program, enhanced landscaping and refurbishment of the parking areas. Construction will commence this month and is expected to be completed by winter of 2015.
Over the past year, Cerritos Plaza has also added Domino’s Pizza and tenant MedPost (urgent care facility) to the tenant lineup.