Hobby Lobby, Stein Mart, 2 others moving into prime Mervyn's site
By Roger Yohem
"Four retailers, anchored by a 50,000 square foot Hobby Lobby, will move onto the massive 7.4-acre Mervyn’s department store site at 5545 E. Broadway Blvd. that has been vacant since late 2008.
The other retailers include a 34,000 square-foot Stein Mart; a 3,200 square-foot Vitamin Shoppe; and a 3,250 square-foot Mattress Firm. The new leases were announced today (May 15) by property owner Benenson Capital Partners LLC, based in New York City, one of the nation’s oldest privately held real estate investment and development companies.
Popular arts and crafts merchant Hobby Lobby inked a 50,000-square-foot lease, making the national retailer the largest tenant at the center. The tenant is expected to take occupancy of the majority of the retail space formerly housing Mervyns in the last quarter of 2012, marking its first store in the Tucson market.
Hobby Lobby was represented by David Leathers of Northbrook, IL-based D.E. Johnson & Associates, Inc. in the lease negotiations.
Stein Mart, a high-end, off-price national retailer, will lease the remaining 34,000 square-foot balance of the former Mervyns space. The new storefront will serve as Stein Mart’s second Tucson location. Construction will commence immediately and the retailer is expected to take occupancy before the 2012 holiday season.
Jacksonville, Florida-based Stein Mart was represented by David Darr of The Place in San Antonio, TX.
The Vitamin Shoppe will occupy space at a multi-tenant pad located in front of the future Stein Mart store, along east Broadway Blvd. The Vitamin Shoppe is expected to move once construction is completed. The tenant was represented by Tom Woods of Colliers International in Phoenix; and Jerry Willis of Bialow Real Estate in Atlanta.
One of the largest specialty bedding companies in the world, Mattress Firm will locate next to the Vitamin Shoppe. The tenant is expected to open in early 2013. Darren Pitts of Velocity Retail Group in Phoenix represented Mattress Firm in the lease negotiations.
The site, located on a high-traffic volume intersection on the northeast corner of north Craycroft Road and east Broadway drew attention from interested retailers and developers almost from the time it closed. Strategically located between Park Place and El Con Malls, over 90,000 cars pass the parcel each day.
Mervyns LLC, based in San Francisco, filed for Chapter 11 bankruptcy protection in July 2008 but was unable to structure a financial recovery plan. The retailer had 175 stores in seven states.
By year-end, all locations had been closed.
Nancy McClure of CBRE’s Tucson office represented the landlord, East Broadway Tucson Co. LLC (Benenson Capital Partners), in negotiating all of the long-term lease agreements."
http://www.insidetucsonbusiness.com/...9bb2963f4.html