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| Jodi Shoemake |
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| Carol Springstead |
Dan Bacani and Jodi Shoemake of Lee & Associates-Pasadena as well as David Maltzman of Globe Street Properties represented the landlord.
Nathan Cromeenes of Newmark Knight Frank and Carol Springstead of Springstead & Associates represented the tenant. The project is scheduled for completion in January 2021.
The new lease will position Grocery Outlet as the anchor tenant and complete the repositioning and renovation of the center, which began in 2015 when Fresh & Easy closed their doors.
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| Dan Bacani |
“We were chasing Grocery Outlet back in 2016 but ultimately they signed a lease in Duarte”, Shoemake pointed out. “In reality, the F&E space was too small for GO in addition to the belief from GO that the two sites were too close to each other.
"We knew the Rite Aid’s option was coming up, and always felt the Arcadia Foothill community would welcome the Grocery Outlet brand with open arms, so we kept asking.”
The City of Arcadia will have the good fortune of a second Grocery Outlet location at 140 E Live Oak, a former Walgreens. The opening date is projected for mid-2021.
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| David Maltzman |
Although Bacani and
Shoemake were not involved in the transaction, Grocery Outlet turned to the
retail team to assist with an appeal against the CUP for alcohol sales.
“I feel that our team’s extensive local knowledge as commercial real estate brokers and past experience as municipal consultants for Arcadia definitely helped in defeating the surprising legal challenge,” Bacani remarked.
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| Nathan Cromeenes |
Grocery Outlet Bargain Market (NASDAQ: GO) is a publicly traded discount supermarket that supplies primarily name brand discounted and overstocked products with locations in California, Oregon, Washington, Idaho, Nevada, and Pennsylvania. Grocery Outlet has over $2 billion in annual sales.
CONTACT:
Kimberly Barbata
Lee & Associates - Pasadena, Inc.
(626) 240-2790
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