Nordstrom Rack (previously Bed Bath & Beyond) signed a new lease for a 30,000 square-foot anchor property at 2660 Canyon Springs Parkway in Riverside, California, on 5th April 2022.
About the Retail Store
The retail store will open in Fall 2022 in the 183,000+ square-foot Canyon Springs Marketplace near the interstate. Nordstrom Rack will join Marshalls, Old Navy, Petco, Big Lots, Best Buy, Michaels, and several other stores, restaurants, and services at the famous community center.
President Brad Umansky and Senior Retail Specialist Albert Lopez of Progressive Real Estate Partners solely marketed the property and represented the landlord, TDA Investment Group, in the sale. Jeff Nichols of CBRE Newport Beach represented Nordstrom Rack.
Nordstrom Rack is Nordstrom, Inc.’s off-price retail business, providing up to 70% off on-trend clothes, accessories, cosmetics, home, and shoes from many of the top brands offered in Nordstrom shops. Nordstrom Rack offers the same fashion that customers expect from Nordstrom locations while offering discounts on many of the same brands.
The Rack sells things from Nordstrom shops and Nordstrom.com and specifically orders items from several of Nordstrom’s top brands. The Rack is Nordstrom’s number one source of new consumers, and it serves as a terrific introduction for those who have never shopped at one of the company’s locations.
Canyon Springs Marketplace
Canyon Springs Marketplace, which opened in 2006, is positioned along the major 60 highway corridor, with excellent visibility to approximately 130,000 motorists every day. In addition, the centre’s demographics are excellent, with over 218,000 individuals living within a 5-mile radius and an average family income of more than $71,000.
“We are excited to welcome Nordstrom Rack to Canyon Springs Marketplace! Joining the quality retailers at the centre, including Marshalls, Old Navy, Petco and Big Lots, Nordstrom Rack, will complement and enhance the shopping experience at the centre and the greater Riverside community,” said Amy Goldfarb, Vice President of Asset Management at TDA Investment Group.
According to Brad Umansky, “The excellent co-tenancy, strong demographics and outstanding freeway visibility made this the perfect location for Nordstrom Rack. In addition to providing the local community with a great new place to shop, it’s also terrific news for the shopping centre gaining a new anchor tenant that will draw more traffic to the property.” He added, “I’m looking forward to shopping at the new store this upcoming holiday season.”
About Progressive Real Estate Partners
Progressive Real Estate Partners (PREP) is a Rancho Cucamonga, California-based boutique commercial brokerage business. The business, founded in 2008, focuses on the lease and selling of retail properties in the Inland Empire region of Southern California. The office also serves as the Retail Brokers Network’s official representative in the Inland Empire (RBN). Progressive has executed over 1,200 lease and sales transactions worth over $1.8 billion in 35+ locations across the area since its beginning. Progressive helps merchants and property owners reach their commercial real estate goals by utilizing up-to-date marketing and brokerage tactics.