Coreland's Matt Hammond Brokers Lease with Orchard Supply at Cerritos Plaza; Shopping Center Begins Renovation
Cerritos Plaza, also managed by Coreland Companies, will be nearly fully leased with the addition of OSH that signed a 10-year lease.
- Los Angeles-Long Beach, CA (1888PressRelease) April 16, 2014 - Coreland Companies' Matt Hammond brokered a 15-year lease with Orchard Supply Hardware (OSH) for 40,000 square feet at Cerritos Plaza. Hammond represented the landlord, KAM LLC, in the transaction valued at $10 million. OSH was represented by Jason Gordon of Epsteen & Associates.
The 200,000-square-foot shopping center located off South Street and Carmenita Road in Cerritos, Calif., is also underway with a complete renovation.
"Cerritos Plaza is a well-positioned grocery-anchored shopping center that has always had great success, but needed to be refreshed," said Hammond, Coreland's Director of Retail Brokerage. "When this anchor space came available we had a lot of competition from traditional retailers and gyms who saw the strength of the local market.
Since being acquired by Lowe's in 2013, OSH has reemerged in the marketplace. "We considered numerous use options for the former crafts-store space, but ultimately OSH was the best fit. It is a strong compliment to the Ralphs, CVS and the other daily-needs services available in the center," noted Hammond.
Cerritos Plaza, also managed by Coreland Companies, recently began its renovation efforts which will include a façade renovation, new master sign program, enhanced landscaping and refurbishment of the parking areas. Construction will commence this month and is expected to be completed by winter of 2015.
Over the past year, Cerritos Plaza has also added Domino's Pizza and Tenant MedPost (urgent care facility) to the tenant lineup.
About Coreland Companies
Coreland Companies (www.coreland.com) is a full-service commercial real estate company with expertise in retail, office and industrial properties. As one of the largest privately held commercial real estate service companies based in California, Coreland's current portfolio exceeds 100 properties and totals more than 10 million square feet. Founded in 1990, the company boasts a successful track record of commercial real estate ownership, management, repositioning and brokerage.
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