The companies expect to immediately begin development of a 580,000-sf power center, with retail openings scheduled for early 2004. Target and Kohl's will anchor the center. The property is situated at the southwest corner of the Interstate 5 Freeway and Eight Mile Road. It is the firms' third joint venture in 28 months.
Frank Egan, president of Eastbourne, tells GlobeSt.com that the land was bought from Alex Spanos, a Stockton developer and local multi-millionaire. Egan is not disclosing the selling price, but did say it's more than $20 million.
According to Stockton officials, the rapidly expanding city features a variety of commercial uses ranging from Delta College to mid-rise office buildings, as well as a strong retail component. The city is attractive to retailers because employment in the area is mainly service- and retail-oriented.
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