PRESS RELEASES
Marinita Development Co. has been building and managing neighborhood shopping centers in California and Nevada for decades, but it’s making its first dip into the retrofit pool with a vacant Kmart in Banning, Calif., and it probably won’t be the last time now that the company successfully preleased all the space to four major retailers before closing on the property.
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When Kmart opened its building near Sun Lakes in 1990, its 86,479 square feet of space made it the largest location of that company in the world at the time.
Now, more than a year since its closure in June last year, four tenants are slated to inhabit its footprint, once they begin opening for business starting next summer: the largest space will house Hobby Lobby, a crafts superstore that will encompass 43,859 square feet; as well as a 23,000 square foot Marshall’s clothing store; 20,020 square feet will become home to Party City; and the 10,500 square feet of space that used to be Kmart’s outdoor garden center will give rise to a Big 5 Sporting Goods store.
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Construction Started on 90,440 Square Foot Retail Center in Southern California
The city in which this development is located, La Quinta, is reported to be growing at a rate of 110% every ten years reportedly making it one of the fastest growing cities in California. It is located 130 miles southeast of Los Angeles.
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NEWPORT BEACH, CA-Marinita Development Co. has launched construction of a new $42-million, 94,000-sf retail center called the Shops at Sycamore Creek that will be the first center in its trade area to be anchored by grocery and drug stores. The locally based developer’s new project will front Interstate 15 in Corona at the southwest corner of Indian Truck Trail and the interstate. The center, which is nearly 80% preleased, will occupy a site of nearly 12 acres and is expected to be completed in the fall.
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Marinita Development Company announced that the company is 85 percent pre-leased on one of its latest project, a 26,400 sq. ft. retail convenience center in the City of Riverside, and has commenced construction. The development, known as Orangewood Centre, is located on a signalized intersection at the northeast corner of Van Buren Boulevard and Dauchy Avenue in the Orangecrest master plan area and is expected to open in the summer, 2008.
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