Rick Murphy, a first vice president with CB Richard Ellis Inc. in Phoenix, tells GlobeSt.com that executing the lease was easier said than done. Negotiations between Beverly Hills, CA-based Bonanza LLC, owner and redeveloper of the Village at the Boulders shopping center, and Hudson, OH-based Jo-Ann were hindered as the tenantmulled its options while demolition threatened its space. He says temp space was the solution. Jo-Ann relocated to a short-term site on the west side of the development until construction is completed for the 22,400-sf makeover. The work will wrap up in the fourth quarter.

The Village at the Boulders, previously called Ponderosa Plaza, is a 31-acre development at 1316 Iron Springs Road. The power center, with six out-parcels, will eventually hold a 155,000-sf national retailer and 140,000 sf of additional shop space and sub-anchors. Murphy, Bob Pearlstein, Max Bippus and Becky Peixotto, all with CBRE's Phoenix office handled the deal on behalf of Jo-Ann. Judi Butterworth of DeRito Partners in Phoenix represented Bonanza LLC.