Nordstrom Rack Signs Lease in The Center at Rancho Niguel
Shopping Center Boasts Over 98% Occupancy
Nordstrom Rack, the off-price clothing outlet line of the popular retailing giant, said it will open its seventh Orange County location this spring after signing a long-term lease agreement at The Center at Rancho Niguel, Colliers International has reported.
Although the value of the 10-year lease was not disclosed, Colliers reported that the retailer would occupy 29,500 square feet at the nearly full Center, which is located at the intersection of Crown Valley Parkway and Greenfield Drive.
“This is a major win for the Center and for the area,” said Colliers Vice President Terrison Quinn, who represented the Center in the lease negotiations. “With the recent opening of Life Time Athletic and an upcoming Starbucks location that will open in the spring, the Center continues to benefit from the economic recovery and is well positioned in the area for the long run.”
According to Quinn, the City of Laguna Niguel also has approved a drive-through Starbucks location for the Center, which is scheduled to open at about the same time as the new Nordstrom Rack in the spring. Construction on both sites to make them ready for their new occupants is imminent. With these two lease signings, the Center now boasts an occupancy rate of over 98 percent, Quinn noted.
Arrayed over four contiguous city blocks in Laguna Niguel, major tenants include Ralphs Fresh Fare Market, CVS Pharmacy, Regency Theatres, BevMo, TGI Friday’s, Chik-fil-A, Wells Fargo Bank, Lifetime Athletic, and others.
Lifetime Athletic recently leased a high-visibility 100,000-square-foot building within the Center and soon opened the facility with a comprehensive gymnasium, including strength and cardio workout areas, three pools, men’s and women’s changing and shower facilities, and spinning, yoga and a full complement of other individual and group activities.
“With the recovery now in full swing, we are seeing spaces that once were vacant for long stretches suddenly filling up with new tenants and it’s a very positive sign of how strong the south Orange County retail market has become,” said Quinn. “Now, it is not unusual to see multiple bidders on certain locations and the level of activity we are seeing is close to the level it was before the recession.”
Owned by the Buie Stoddard Group, which is based in both Laguna Niguel and San Diego, The Center at Rancho Niguel is located in one of the most heavily-trafficked areas of south Orange County. It is directly accessible from the San Joaquin Hills Tollway (73), Interstate 5, and Crown Valley Parkway, the main north-south arterial roadway between I-5 and Pacific Coast Highway. It is walking distance to a variety of residential housing developments and a short drive from the bulk of the city’s major population centers.
While Quinn and Colliers’ Casey Mahony of the firm’s Irvine offices represented the Buie Stoddard Group, Jeff Nichols of Western Retail Advisers represented Nordstrom Rack in the transaction.