Ian Brown of the Newport Beach office of Grubb & Ellis says the developer has acquired a 25-acre site at San Joaquin Hills Corridor and Aliso Creek that includes a shuttered, 190,000-sf Super Kmart store, from Kmart Corp. with the assistance of KIMCO Realty Corp.

Brown and Walter Pagel, also of the Newport Beach office of Grubb & Ellis, represented the developer in the purchase of the site, which is one of a number of stores that have been closed by the national retailer in its efforts to restructure.

The site, because of its size and location, represents "one of the most sought-after development opportunities in Orange County," according to Brown. The new mixed-use development will be known as The Commons at Aliso Viejo Town Center, Brown says. The Grubb & Ellis broker says the new center will designed to complement the nearby Aliso Viejo Town Center, one of the most successful retail venues in the area with a tenant list including Aaron Brothers, Bank of America, Barnes & Noble, Chili's, Edwards Theater, Macaroni Grill, Pier I Imports, PetsMart and Staples.

Brown, Pagel and Vanessa Brown of the Grubb & Ellis Newport Beach office are the leasing agents for the new development, which will include retail and other uses as yet to be announced. Ian Brown says the new development will include a new anchor tenant, which will occupy approximately 140,000 sf of the existing retail building. The name of the new anchor will be announced in the next 30 days, he says.