SAN LUIS OBISPO, CA-Target will serve as the main anchor tenant for the Prefumo Creek Commons shopping center here. The development cost of the shopping center, including the 140,000-square-foot Target store is expected to be about $32 million.
Lee & Associates’ principals Clarice Clarke and Stephen Leider represented the seller, Irish Hills Plaza East LLC, and brokered the sale of approximately 10 acres of land to Target for the new store. The sale amount for the land was not available.
“This is a tremendous deal for this area,” says Leider. “Target has been looking to get into this market for almost 25 years. It took a lot of work to make this happen.”
Leider adds that Target will be developing the building and expect to open its doors by late spring or summer in 2011.
Prefumo Creek Commons, a 191,025-square-foot center just off Highway 101 on the corner of Los Osos Valley Road and Froom Ranch Way in San Luis Obispo, is located directly across from the Irish Hills Plaza shopping center, which is home to major retailers including Home Depot, Costco, Office Max, PetSmart, BevMo and Old Navy.
“We are thrilled to have finally completed the major part of this project,” says Lee & Associates’ Clarke. “It has been a lengthy process getting everything in place, but persistence has paid off and now a fabulous new regional center will be built to serve the tri-counties.”
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Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
