Retail chain HomeGoods has signed a 10-year lease valued at $3.4 million at the Irish Hills Plaza in San Luis Obispo.
Commercial real estate firm Lee & Associates Central Coast announced the deal, saying that HomeGoods will replace OfficeMax in the 20,059-square-foot space.
OfficeMax is slated to close in early 2014, the firm said, and HomeGoods is expected to open its doors in the spring. Other retailers at the shopping center at 1530 Froom Ranch Way include Costco, Home Depot, PetSmart, BevMo!, New Frontiers Market and T.J. Maxx, which is also owned by HomeGoods parent company TJX Cos.
“The tenant was thrilled with the co-tenancy at this community retail hub,” Clarice Clarke, president of Lee & Associates Santa Barbara, said in a statement. “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.”
HomeGoods has more than 400 stores across the country and operates the home furnishings sections of T.J. Maxx ‘n More and Marshalls Mega Store stores. The retailer has stores in the Conejo Valley Shopping Center in Thousand Oaks and the Sycamore Village center in Simi Valley but nowhere else in the Tri-Counties.
Clark and Lee & Associates partner Steve Leider represented the landlord in the lease negotiations.