Burnham Pacific Properties signs long-term lease with T.J. Maxx for its Wiegand Plaza II Center in Encinitas.SAN DIEGO--(BUSINESS WIRE)--Feb. 6, 1995--Burnham Pacific Properties Inc. (NYSE NYSE See: New York Stock Exchange :BPP (Bits Per Pixel) See bit depth. bpp - bits per pixel ), a Southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, real estate investment trust (REIT REIT See: Real Estate Investment Trust REIT See real estate investment trust (REIT). ), Monday announced that it has entered into a lease with T.J. Maxx as an anchor tenant in BPP's Wiegand Plaza II, located on El Camino Real El Camino Real (Spanish for The Royal Road or The King's Highway) was the name of a series of pre-automobile highways linking the various New World colonies of Spain:
The term of the lease is 10 years, with three five-year options to renew. The store is scheduled to open in May 1995. The new store will occupy 26,813 square feet, consisting of existing space plus a 4,448-square-foot addition. Two existing buildings totaling 4,644 square feet will be removed from the front of the center, accommodating additional parking for this new anchor tenant and improving sight lines for all existing tenants, according to Michael Rubin, executive vice president and chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. for BPP. Existing tenants in the buildings being removed will be relocated to currently vacant space in the center. The entire center will be remodeled, replacing the current Western theme with a brighter, more contemporary look to improve the overall visual impact of the center. When completed in May 1995, the center will total 110,138 square feet, and occupancy will increase from 75 percent to 99 percent, Rubin said. T.J. Maxx, a brand-name and designer-fashion off-price retailer, will become the fourth anchor for the shopping center, along with Silo silo, watertight and airtight structure for making and storing silage. Silos vary in form from a covered pit, such as was used by the early Romans, to the modern storage tower, dating from the 19th cent. , PetCo and AMC (Advanced Mezzanine Card) See AdvancedTCA. Theaters. "The addition of a new anchor and remodeling remodeling /re·mod·el·ing/ (re-mod´el-ing) reorganization or renovation of an old structure. bone remodeling of the center is consistent with our ongoing program to strengthen the tenant mix and maintain an inviting appearance at all of our centers," Rubin said. "In addition, these moves are expected to increase our net earnings by $0.015 per share on an annual basis." BPP recently completed a similar remodeling of its Independence Square Shopping Center in Kearny Mesa. Approximately 11,000 square feet of the center was removed to make room for BPP's development of a new 25,493-square-foot prototype building for Ethan Allen Interiors. The six tenants which previously occupied the space were relocated to a former bank pad which the company developed into a multi-tenant retail building. The entire center was remodeled from its original Colonial look to complement the new, contemporary image of Ethan Allen Interiors. By remodeling the center, BPP was able to increase the overall square footage of the center by 21,000 square feet, while creating the opportunity to lease to a second anchor tenant in the former 18,270-square-foot Ethan Allen location. "We believe that one of our strengths is the active management of our properties in order to improve their profitability and enhance their value," Rubin said. Founded in 1963, Burnham Pacific Properties owns 24 commercial real estate properties in San Diego, Los Angeles, Orange and Santa Clara counties. CONTACT: Burnham Pacific Properties Inc., San Diego Michael Rubin, 619/232-2001 |
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