Coreland Companies Negotiates Leases with Arbys & dds Discounts Valued at More than $4 Million
Coreland Companies’ leasing/sales division negotiated two leases for more than $4 million. Coreland negotiated a 2,254 SF, 10-year lease with A&K Management, LLC, dba Arby’s, at Newport Camino Plaza, located at the corner of Newport Avenue and El Camino Real in Tustin. Coreland negotiated a 20,160 SF, 10-year lease with dd’s Discounts at Van Buren Plaza, 5700 Van Buren Blvd. in Riverside.
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December 2, 2008 (FPRC) -- TUSTIN, CALIF. – Coreland Companies of Tustin, Calif., one of the largest private real estate service companies based in California, announced that its’ leasing / sales division has negotiated two leases in Southern California for a total value of more than $4 million.
In the City of Tustin, Coreland negotiated a 2,254-square-foot, 10-year lease with A&K Management, LLC, dba Arby’s, at Newport Camino Plaza, located at the northeast corner of Newport Avenue and El Camino Real. The transaction, which is valued at approximately $1.5 million, was the result of a lease assignment from Rally’s Hamburgers to A&K/Arby’s with a new, trailing 10-year lease. Arby’s is renovating and expanding the existing 1,500-square-foot building, formerly occupied by Rally’s, to include a drive-thru. The 20,000-square-foot Newport Camino Plaza is anchored by Petco. As the exclusive leasing agent for Newport Camino Plaza, Steven Hogberg and Matt Hammond of Coreland Companies represented the landlord, a private family trust located in Tustin. Margaret Watkins, also based in Tustin, represented the tenant.
“Coreland continues to see strong leasing activity in our well-positioned properties. There is NO slow down for service tenants, including fast feeders such as Arby’s," said Coreland’s Leasing / Sales Division Senior Vice President Steven Hogberg.
As the exclusive leasing agent for Van Buren Plaza in Riverside, Coreland Companies negotiated a lease with dd’s Discounts at Van Buren Plaza, a 95,000-square-foot neighborhood shopping center located in Riverside. The retailer signed a 10-year lease to occupy a 20,160-square-foot space at 5700 Van Buren Boulevard. The lease is valued at approximately $2,583,000. Dd’s Discounts, owned by Ross Stores, Inc., is a discount store for the entire family and includes housewares, home accents, bedding and bath. Matt Hammond and Bryan Bauer, based in Coreland’s Tustin office, represented the landlord, Kensington Real Estate Group of Tustin. Jason Gordon of Epsteen & Associates in Santa Monica, Calif. represented dd’s Discounts.
“Dd’s Discounts chose Van Buren Plaza over numerous other sites for its prime location in one of the most dominant Hispanic trade areas in the Inland Empire,” said Hammond. “’Dd’ stands for ‘deep discounts’ so the residents are very receptive to this new retailer in their city.”
There is still 6,000 square feet available located next to dd’s Discounts plus a 3,322-square-foot restaurant space, noted Hammond.
Coreland Companies is a full-service commercial real estate company with expertise in retail, office and industrial properties. Coreland Companies is based in Tustin, California with offices in Utah and throughout Southern California. For more information, please call the company’s headquarters at (714) 573-7780 or visit www.coreland.com.
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Send an email to Anne Monaghan of Anne Monaghan
949-722-2933
Keywords:
Coreland retail leasing, real estate management, shopping center brokerage
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