LEE & ASSOCIATES-PASADENA CLOSES 17,000 SF LEASE WITH GROCERY OUTLET BARGAIN MARKET IN ARCADIA, CA AT THE SHOPPES @ HIGHLANDER CENTER
November 23, 2020 (ARCADIA, CA) – Grocery Outlet, a publicly traded company which is recognized as one of our nation’s largest value-oriented grocery chains has signed a 17,000 sq. ft. lease at The Shoppes @ Highlander Center located at 165 E Foothill Blvd. in Arcadia, California, formerly occupied by Rite Aid. Dan Bacani and Jodi Shoemake of Lee & Associates-Pasadena as well as David Maltzman of Globe Street Properties represented the landlord. Nathan Cromeenes of Newmark Knight Frank and Carol Springstead of Springstead & Associates represented the tenant. The project is scheduled for completion in January 2021.
The new lease will position Grocery Outlet as the anchor tenant and complete the repositioning and renovation of the center, which began in 2015 when Fresh & Easy closed their doors.
“We were chasing Grocery Outlet back in 2016 but ultimately they signed a lease in Duarte”, Shoemake pointed out. “In reality, the Fresh & Easy space was too small for GO in addition to the belief from GO that the two sites were too close to each other. We knew the Rite Aid’s option was coming up, and always felt the Arcadia Foothill community would welcome the Grocery Outlet brand with open arms, so we kept asking.”
The City of Arcadia will have the good fortune of a second Grocery Outlet location at 140 E Live Oak, a former Walgreens. The opening date is projected for mid-2021. Although Bacani and Shoemake were not involved in the transaction, Grocery Outlet turned to the retail team to assist with an appeal against the CUP for alcohol sales.
“I feel that our team’s extensive local knowledge as commercial real estate brokers and past experience as municipal consultants for Arcadia definitely helped in defeating the surprising legal challenge,” Bacani remarked.
Grocery Outlet Bargain Market (NASDAQ: GO) is a publicly traded discount supermarket that supplies primarily name brand discounted and overstocked products with locations in California, Oregon, Washington, Idaho, Nevada, and Pennsylvania. Grocery Outlet has over $2 billion in annual sales.
Press Release: Costar News
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| Jodi Shoemake, Founding Principal 626.240.2780 jshoemake@lee-associates.com License# 01833063 |
Dan Bacani, Founding Principal 626.240.2781 dbacani@lee-associates.com License# 01385413 |
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About Lee & Associates
Lee & Associates – Pasadena is a full service commercial real estate company headquartered in Pasadena, CA. Our client-focused brokers specialize in office, retail, tenant advisory, multifamily, and investment sales. As the fastest growing broker-owned firm in the nation, with more than 60 office locations in North America, we are uniquely qualified to support our clients’ real estate needs in the local, national and international markets. For more information, visit lee-pasadena.com.
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