Represented statewide by Ron Dowhanuik of Staubach Retail Services' Portland office, Century signed a long-term ground lease with CE John Co. for seven of 16 acres adjacent the mall that CE John acquired from Tektronix about three years ago. Dowhanuik declined to discuss the specifics of the lease, but other local retail brokers familiar with the transaction tell GlobeSt.com that the lease term is upward of 20 years and the lease rate is in the vicinity of $500,000 per year.

The mall currently includes 283,363 sf of anchor space--occupied by Old Navy, Winco Foods, GI Joes, Ross Dress For Less, Best Buy and Emporium (closed; in bankruptcy)--and another 490,000 sf of shop space. In addition to the new theater, the mall's makeover includes: new mall entries; new building facades to existing structures along Cedar Hills Boulevard and Hocken Avenue; the addition of approximately 40,000 sf of new retail space; interior mall improvements including the addition of a food court; and new restaurant pads.

CE John executive Mark Perniconi tells GlobeSt.com that the new south entrance was completed shortly before Christmas and the whole west face of the mall is now under construction. Work there will be complete in the next couple of months, about the time vertical construction is slated to begin on the new theater.