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NORTH PALM BEACH, FL-HomeGoods has inked a lease for 28,727 sf of retail space at Oakbrook Square Shops, a local shopping center that is owned by Equity One Inc. The space, located at 1586 U.S. Highway 1, is on the second floor of the shopping center in space formerly occupied by Jacobson’s department store before it closed its South Florida stores.

The specific terms of the lease were not disclosed. However, based on average rents in the area, the long-term lease is estimated to be valued in the neighborhood of at least $4 million.

HomeGoods is a chain of off-price home fashion stores. The Oakbrook Square store is expected to open in November. HomeGoods is the second major tenant to sign a lease at Oakbrook Square after Jacobson’s left 90,000 sf of retail space. Stein Mart also leased 41,000 sf of that space.

Equity One began the redevelopment of the 225,000-sf Oakbrook Square shopping center last fall.

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