Jim Auther of Grubb & Ellis Co. in Newport Beach tells GlobeSt.com that Red Robin should be open in a few months and Cost Plus later this year, most likely in November. Auther and Tim McMahon, also of Grubb & Ellis in Newport Beach, represented the building owner for both leases. Red Robin was represented by Al Anz of Addison, TX-based the Anz Co., which also maintains an office in Laguna Beach. Cost Plus was represented by John Beaney of Katz & Associates in Lake Forest in its lease.
Terms of the leases were not disclosed, but Red Robin is believed to have signed for a total consideration of about $2 million over 15 years. Cost Plus Inc. is believed to be paying about $1.30 per sf per month, triple net, but length of the lease was not available.Red Robin's new restaurant will be at 3903 Grand Ave., while Cost Plus, a retailer of furniture, household items and specialty foods, will be at 4045 Grand Ave.
The Chino Towne Spectrum, which opened last year, is adjacent to Highway 71 at the junction of Grand and Edison avenues. Other tenants in the center include Wal-Mart, Sam's Club, Kohl's, Nordstrom Rack, Borders Books, Linens N Things and Marshalls.
Developed by Vestar at a cost of approximately $30 million, the center is in the heart of the city, which has been promoting itself as a retail destination in recent years. Vestar developed the Towne Spectrum project in association with the City of Chino Redevelopment Department, which is spearheading the development of a number of retaildistricts in Chino.
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