LAGUNA NIGUEL, CA—GlobeSt.com has learned exclusively that Nordstrom Rack will open a seventh Orange County location this spring after signing a 10-year lease agreement at the Center at Rancho Niguel, a retail center comprising more than four contiguous city blocks here. The tenant is the off-price clothing outlet line of popular retailing giant Nordstrom.
Colliers International's VP Terrison Quinn and Casey Mahony represented owner Buie Stoddard Group in the lease negotiations, while Jeff Nichols of Western Retail Advisers represented the tenant. While the value of the lease was not disclosed, Colliers reported that the retailer would occupy 29,500 square feet at the nearly full center, which is located at the intersection of Crown Valley Pkwy. and Greenfield Dr.
“This is a major win for the Center and for the area,” says Quinn. “With the recent opening of Life Time Athletic and an upcoming Starbucks location that will open in the spring, the Center continues to benefit from the economic recovery and is well positioned in the area for the long run.”
According to Quinn, the City of Laguna Niguel has approved a drive-through Starbucks location for the Center, which is scheduled to open at about the same time as the new Nordstrom Rack in the spring. Construction on both sites to make them ready for their new occupants is imminent. With these two lease signings, the Center now boasts an occupancy rate of greater than 98%.
Life Time Athletic recently leased a high-visibility, 100,000-square-foot building within the Center and soon opened the facility with a comprehensive gymnasium, including strength and cardio workout areas, three pools, men's and women's changing and shower facilities, and spinning, yoga and a full complement of other individual and group activities. Other major tenants include Ralphs Fresh Fare Market, CVS Pharmacy, Regency Theatres, BevMo, TGI Friday's, Chik-fil-A and Wells Fargo Bank.
As GlobeSt.com reported earlier this week, the national retail sector saw a surge in price growth in 2013, similar to what industrial is experiencing now, but year-ago gains have begun to decelerate in recent months as the sector continues to face headwinds including the rise of online shopping and shrinking space needs per customer, according to Recommended For You
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
