PEMBROKE PINES, FL-OfficeMax inks a 10-year lease for the 22,320-sf anchor location formerly occupied by La Ideal Baby Store at Westfork Plaza, the 396,681-sf shopping center at 15800 Pines Blvd. Mindy McIlroy, director of leasing for Miami Beach-based Terranova Corp., represented the owner in the lease transaction, which is valued at nearly $4 million.
"The opening of an anchor space at Westfork gave OfficeMax an opportunity to expand its presence in Pembroke Pines, where residential growth makes it one of the strongest retail markets in the country," McIlroy says. Shopping center vacancy here, she says, is at less than 3%. The OfficeMax deal takes Westfork to 100% occupancy. Coconut Grove-based Swerdlow Group developed the power center in 1999.
This transaction also gives the retailer a second location here. Another OfficeMax store is located in Boulevard Square Center at 10970 Pines Blvd. Boise Cascade Corp. acquired the office supplies retail chain in 2003 and renamed the parent company OfficeMax Inc. Under the new ownership, OfficeMax is ramping up expansion plans and anticipates adding 50 units this year.
The Westfork deal with OfficeMax completes a "fine-tuning" of the anchor mix at the center, according to McIlroy. In late 2004, Terranova brokered the sale of the vacant former Kmart building to Costco Wholesale Club, which tore down the Kmart and a portion of the center to make way for a 138,739-sf Costco unit, gas station and additional parking.
The new Costco is scheduled to open in late 2005. OfficeMax is expected to open in early 2006. Other tenants include Winn-Dixie Marketplace, Regal Cinema, Blockbuster Video, Party City, Payless Shoe Source and Walgreen's.
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