GILBERT, AZ-Jo-Ann Fabrics & Crafts Store has pre-leased 35,000 sf of inline space in San Tan Village, an under-construction power center scheduled to open in late 2006.

When the center opens at the southwest corner of Greenfield Road and Chandler Boulevard, Jo-Ann Fabrics will be cutting the ribbon on its fifth super store in the Phoenix Valley, says Rick Murphy of CB Richard Ellis Inc., part of a team that exclusively represents the Hudson, OH-based Jo-Ann Fabrics in its Arizona locations. “Jo-Ann is very aggressive in the Phoenix market because of the population growth,” says Murphy, who teams on the account with Bob Pearlstein, Max Bippus and Becky Peixotto. “Their stores open to strong sales and then the same-store sales grow because the population grows around the stores.”

Murphy tells that he and the team are working on four more Jo-Ann stores and getting ready for the retailer’s 2007 expansion. “Jo-Ann traditionally wants to be in power centers with a Target or Bed, Bath & Beyond,” he says. The store at San Tan Village will abut a Bed, Bath & Beyond, he adds.

San Tan Village developer, Phoenix-based San Tan Village Phase 2 LLC, was represented by Greg Laing of Phoenix Commercial Advisors. The details of the 10-year deal were not disclosed, but big-box rents range from $9 per sf to $15 per sf, Murphy says.

“Landlords think that Jo-Ann stores are jewels,” Murphy says. “They like the credit…They like that Jo-Ann is just a really strong company.”

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