580,000-sf First Phase of New Retail Center 80% Preleased

Park West Plaza, part of a 3,000-acre, 4,000-unit master planned community by A. G. Spanos, will be the only regional shopping center located on the I-5 corridor in the Stockton trade area, and the retailers are well aware of that fact. The project's 580,000-sf first phase (on 53.8 acres) is better than 80% preleased, says leasing agent Rick Puttkammer of San Diego-based Burnham Retail group.

"If you know the dynamics of Stockton, the you know retail is predominately in the city, which is not convenient to I-5 or 99," says Puttkammer. "In addition to being able to pull existing Stockton customer, we've extended the trade area by virtue of being right off the freeway."

Anchor tenants will include Target (123,680 sf), Kohl's (88,248 sf), Sportmart (35,000 sf), Babies R Us (32,494 sf) and Bed Bath & Beyond (27,000 sf). Other national tenants include Borders, La-Z-Boy, Petsmart, Famous Footwear, Dress Barn, and Lane Bryant. Bank of America and Washington Mutual have laid claim to a couple of the out pads, says Puttkammer. Annual triple-net rates for in-line shop space range from $27-$30 per sf, while anchor tenants are likely paying about half that.

"This project has generated strong tenant interest because of its excellent access to and visibility on I-5, which is the primary transportation corridor through the entire Central Valley," says Kitchell Development Vice President Don Glatthorn.

The 16-acre second phase of the project was supposed to be a home improvement user, but that deal died last week, says Puttkammer. A grocery store is one of a couple of alternative options, he says.