Wojtecki and his team worked directly with Kohl's on the lease, which fills one of 25 Mervyns vacancies in properties owned by Inland. In addition to the seven sites that Inland Western has leased to new tenants, it has an additional 12 of the 25 Mervyns vacancies in active negotiations. The lease in Hanford comes on the heels of Inland's recent re-leasing of 10 former Circuit City/Linens 'N Things spaces.
Among the other Mervyns spaces that Inland Western has leased are three in California totaling 233,022 square feet that the Oak Brook-based REIT leased to Burlington Coat Factory. Those three include 77,192 square feet in Moreno Valley, 77,936 square feet in Vacaville and 77,874 square feet in Elk Grove.
Inland Western acquired the 25 Mervyns department stores, 23 in California and two in Texas, in 2005 for nearly $222 million, according to a company announcement at the time. The real estate totaled almost two million square feet of retail space.
Inland is one of a number of owners who have been re-leasing retail space that has been vacated by companies that went bankrupt. In Southern California, for example, Santa Monica-based Watt Commercial Properties has filled locations that were vacated by Mervyns and Circuit City.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
