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2/05/10
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SoCal-based Watt Commercial Properties racked up eight new leases and renewed six existing lease contracts with retailers since October 2009. In all, these lease deals comprise approximately 168k sf of space in neighborhood shopping centers across Southern California.
The recent transaction highlights include:
• Watt signed new leases with Ross Dress for Less and L.A. Fitness at their Palo Woods retail center, which will undergo a major redevelopment before re-opening in the fourth quarter of 2010. The 110k sf urban retail redevelopment is located at the intersection of Sepulveda Blvd and Vermont Ave in Harbor City, and includes the conversion of an existing K-Mart building and the construction of two new retail pads. When the center opens its doors, Ross Dress for Less will commence a 10-year, 29.1k sf lease agreement, valued at approximately $5.7 mil. L.A. Fitness will initiate a $16.2 mil lease deal and occupy 44k sf in the center.
• In January 2010, Watt signed a 15-year, $19.5 mil lease with L.A. Fitness for a 58.6k sf space in its Alicia Towne Center at the corner of Alicia Pkwy and the I-5 in Mission Viejo. The privately owned health club chain is expecting to open at this location in the fourth quarter 2010. The future tenant will convert the former two-level, 83.9k sf Mervyn’s Department Store into a state-of-the-art, full-service fitness club that encompasses 70k sf. L.A. Fitness will be located primarily on the first floor, with a portion of the facility occupying second-level space.
• Watt also inked a deal with AJWright for 25k sf at Norwalk Plaza, a Northgate Supermarket-anchored retail center located at Firestone Blvd and Pioneer Blvd in Norwalk. The 10-year lease, valued at over $2 mil, will commence in March 2010. This AJWright location will be the first of the chain’s newly formatted stores to open in Southern California. The retailer will occupy a portion of a former Circuit City outlet, with plans to remodel the exterior of the building consistent with the company’s new building prototype. Like its sister company T.J Maxx, AJWright specializes in selling clothing, gifts, footwear, accessories and fragrances at steep discounts. The company has approximately 129 AJWright outlets across the country.
Chris Wilson, President of Wilson Commercial Real Estate (WCRE), represented Watt in these transactions and provided advisory services on all others.
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