Built in the 1960s, Country Club Plaza, located at the intersection of Watt Avenue and El Camino Real, is anchored by Macy's and Gottschalk's department stores. The center contains 339,000-sf of space, excluding Macy's, and will expand to 441,000-sf on completion in the fall of 2003. The new retail space is 35% pre-leased, with all anchor spaces fully leased to Bed, Bath and Beyond, Van's Skate Park, Off Broadway Shoes and Ross Dress for Less.

According to Buchanan Street Partners, a West Coast-based real estate investment bank that provides capital for owners and developers, it has arranged equity and construction financing totaling approximately $42 million for the center's redevelopment project.

Country Club Plaza had previously undergone a renovation and expansion project in 1986 and 1989, but needed a new design theme and reconfiguration to capitalize on its excellent location, say Buchanan Street representatives. Arizona Partners bought the property in 2001 with the goal of redesigning the center.