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Present Value Properties Negotiates HomeGoods Lease in Huntington Beach, Calif.
Present Value Properties, Inc. has negotiated a 10-year, 24,160 SF lease for HomeGoods at the Sher Lane Shops in Huntington Beach. HomeGoods, which is expected to open in spring 2013, will occupy the former Office Depot space at 7742 Edinger Ave.
HomeGoods is an off-price home fashions store, providing a tremendous selection of high-quality, unique home fashions, including brand and designer name merchandise at prices that are 20% — 60% less than finer catalog, specialty and department store prices, every day. With new items arriving weekly, stores carry approximately 35,000 units at any given time. HomeGoods offers furniture, bedding, kitchen and bath goods, artwork and décor items.
HomeGoods will join retailers Men’s Wearhouse, Stone Hedge Tiles and Vitamin Shoppe at Sher Lane Shops, a 45,000-square-
This will be HomeGoods fourth standalone location in Orange County. The company currently has standalone stores in Lake Forest at The Orchard at Saddleback, Ladera Ranch at the Mercantile East Shopping Center, Yorba Linda at the Country Club Village. Owned by TJX Companies, Inc., the parent company of T.J. Maxx and Marshalls, HomeGoods has more than 375 stores nationwide.
"This was just the right time to change the direction of the shopping center," said Courtway. "Office Depot was looking to downsize their store so they moved to a smaller 8,500-square-
Courtway added, "This is the perfect location for HomeGoods. They will be in the heart of where all the retail action is. Nordstrom Rack and Dick’s Sporting Goods opened last month."
Sher Lane Shops is located across the street from Bella Terra Center and there are 94,000 cars per day at Edinger Avenue and Beach Boulevard. "HomeGoods offers great shopping without having to go to the mall," Courtway said.
"Sher Lane Shops only has one space available for lease, a 2,830-square-
Sher Lane Shops shopping center celebrated its 50th anniversary this year and is still owned by the Sher Family. The Sher Family also own 5 Points Plaza, which is also exclusively marketed and leased by Present Value Properties. Merritt Sher is well known in the retail shopping center business and is credited with building the first "power center" in the U.S., according to Courtway.
HomeGoods, a chain of off-price home fashions stores introduced in 1992, operated 374 stores at 2011’s year-end. HomeGoods offers exclusively home fashions, with a broad and fresh array of merchandise such as giftware, home basics, furniture and accent furniture, lighting, rugs, bedding, decorative accessories, children's furniture, seasonal merchandise, and wall décor, as well as items for the kitchen and dining room, among other fashions for the home. This chain operates in both a standalone and superstore format, which couples HomeGoods with a T.J. Maxx or Marshalls. Standalone HomeGoods stores average approximately 27,000 square feet in size. See www.tjx.com and www.homegoods.com.
About Present Value Properties, Inc.
Founded in 1998 by Gregory A. Fisher, Present Value Properties, Inc. is a full service real estate firm providing retailer and landlord representation, development and entitlement services, and consulting services. Headquartered in Tustin, Calif., Present Value Properties exclusively represents a variety of chain retailers throughout Southern California and the southwestern United States including GoldMax, TGIF, Supercuts, Jack in the Box in both Southern California and St. Louis, Habit Burger Grill, Coffee Bean & Tea Leaf, and Pizza Hut franchisees in Southern California, Phoenix, Dallas and Kansas. The firm currently has more than 650,000 square feet of retail space listed throughout Southern California. For more information, call 714.464.3000 or visit www.pvpinc.com.