Mountain View Mall Redo Attracts National Tenants

BEND, OR-Bed Bath & Beyond, Best Buy and Petsmart will open stores at Cascade Village Shopping Center, a 440,000-sf open-air retail center being created from the former Mountain View Mall, a 330,000-sf enclosed mall on 34 acres, and an adjacent seven-acre parcel. The property is located at the confluence of highways 90 and 27 and is owned by SIMA Corp., a Santa Barbara, CA-based real estate firm.SIMA acquired the Mountain View Mall in 1988. At the time, Kmart, Regal Cinemas and Emporium anchored it. All three eventually went bankrupt, creating the redevelopment opportunity. SIMA principal Kevin Burnes tells GlobeSt.com that he is in the last stages of demolishing about half the original 330,000-sf enclosed mall. The 380,000-sf first phase of the estimated $25-million redevelopment includes the addition of about 90,000 sf of new space and opens March 2005.Bed Bath & Beyond, Best Buy and Petsmart will be joining JCPenney (51,000 sf), GI Joe’s (35,000 sf), Food 4 Less (35,000 sf) and Ross Dress for Less (30,000 sf), all of which have remained open during the redevelopment. About 120,000 sf of retail space in the first phase remains available for lease. Steve Neville of Portland-based New & Neville is leasing agent for the property. Burnes says the second phase will be the development of the seven-acre adjacent parcel, which SIMA is supposed to close on at the end of this month. The seller is a local family. The purchase price has not yet been disclosed.In other Bend real estate news, the 22,000-sf Hollywood Outback Retail Center on Highway 97 recently sold to a private investor for $5.6 million, which translates to a 7% capitalization rate. Developed in the late 1990s, the three-building development is fully lease to several tenants, including Hollywood Video, Outback Steakhouse, Little Caesars, Cellular One, Cold Stone Creamery and Quizno’s Classic Subs. Mike Baron and Brent Goodman of Sperry Van Ness in Bend, represented the seller while Jack Tartaric of Sperry Van Ness in San Carlos, CA, represented the buyer.