Retail

OAKLAND, CALIF. — The City of Oakland is close to securing a development deal with Kroger to open two 72,000-square-foot grocery stores in underserved areas of east Oakland. For the site at 10700 MacArthur Blvd. in Foothill Square Shopping Center, Foods Co. has signed a letter of intent with Jay-Phares Corp., the property’s developer, and site plans have been submitted to the city for review. At 66th Avenue and San Leandro Street, a former cannery owned by the Oakland Redevelopment Agency would be demolished during the next several months prior to property transfer to Foods Co. Both Kroger stores are expected to open by the end of 2012.

SAN LUIS OBISPO, CALIF. — With an approximately 10-acre land sale, Lee & Associates Central Coast has secured the main anchor tenant, Target, for the 191,025-square-foot Prefumo Creek Commons power center located near Hwy. 101 in San Luis Obispo. Target is now building a 140,000-square-foot store on location, while the local Madonna family builds out the balance of the shopping center. Lee & Associates’ Clarice Clarke and Stephen Leider represented the property owner in the land sale to Target, which anticipates opening the new store in spring/summer 2011. The under-construction Prefumo Creek Commons is situated at the intersection of Los Osos Valley Road and Froom Ranch Way directly across from the Irish Hills Plaza shopping center.

CORONA, CALIF. — Cypress Equities / SRS Real Estate Partners Managed Services has been designated as property manager for The Promenade Shops at Dos Lagos, a 350,000-square-foot retail lifestyle center located in Corona. The property manager’s turnaround plan includes creating user-friendly public spaces where the community can gather together and relax; providing a variety of everyday retailers, services, unique shops and restaurants to complement the current mix of national and regional fashion and entertainment chains at the center; introducing a new movie theatre operator, Phoenix Big Cinemas, that will deliver top movie selections and state-of-the-art upgrades to the center’s 15-screen theatre; and expanding on the center’s community program of events that includes promotions, activities and everyday entertainment.