Lee & Associates, one of the largest broker-owned commercial real estate firms in the country, has negotiated a 10-year, $3.4 million retail lease at Irish Hills Plaza in San Luis Obispo.
Clarice Clarke and Steve Leider of Lee & Associates Santa Barbara represented the landlord, Irish Hills Plaza West LLC. The new tenant, HomeGoods, a retail chain with stores all over the country, will replace existing tenant OfficeMax in the 20,059-square-foot premises.
“The tenant was thrilled with the co-tenancy at this community retail hub,” said Clarke, president of Lee & Associates Santa Barbara. “The property is surrounded by a diverse mix of retailers, making it an attractive location for any retail tenant. Pair this with a central location with access to major highways and downtown San Luis Obispo, the deal offers tremendous upside for the tenant.”
Located at 1530 Froom Ranch Way, the shopping plaza hosts numerous well-known retail brands such as Costco, Home Depot, PetSmart, BevMo!, New Frontiers Market and T.J. Maxx, which is also owned by the same company as HomeGoods.
OfficeMax is slated to close its doors sometime around the new year, with HomeGoods expected to open in spring 2014.
— Samantha Desmond is a publicist representing Lee & Associates.