COMMERCIAL REAL ESTATE TRANSACTION ALERT
The 35,000 square-foot store will open in early 2021 at Canyon Springs Marketplace in Riverside, CA
Progressive Real Estate Partners, the leading Inland Empire retail brokerage firm, announced today the signing of a new lease with Big Lots for a 35,000 square-foot anchor space (formerly JoAnn Fabrics) at 2620 Canyon Springs Parkway in Riverside, California. The store will be located in the 183,000+ square-foot freeway adjacent Canyon Springs Marketplace and is expected to open in early 2021. Big Lots will join Marshalls, Old Navy, Petco, Bed Bath & Beyond, Best Buy, Michaels and several other shops, restaurants and services at the popular community center.
Progressive Real Estate Partners President Brad Umansky and Senior Retail Specialist Albert Lopez exclusively marketed the property and represented the landlord in the transaction.
Big Lots is a well-known discount retailer operating over 1,400 stores in 47 states. This will be one of the first Big Lots stores in California to represent the brand’s new “Store of the Future” layout and overall design featuring upgraded lighting, paint, flooring and fixtures. The store will offer a wide assortment of affordable merchandise ranging from soft home, furniture and seasonal items to food, electronics, toys and accessories. The store will be prominently featured on the freeway pylon and shopping center monument signage.
Built in 2006, Canyon Springs Marketplace is located along the busy 60 freeway corridor with superb visibility to over 130,000 cars per day. In addition, the center boasts impressive demographics with over 218,000 people in a 5-mile radius with an average household income in excess of $71,000.
According to Brad Umansky, “We are excited to welcome Big Lots to Canyon Springs Marketplace. The excellent co-tenancy, strong demographics and outstanding freeway visibility made this a very attractive location for Big Lots to bring their Store of the Future format to a new customer base.” He added, “In addition to providing the local community with a great new place to shop, it’s also terrific news for the shopping center gaining a new anchor tenant that will draw more traffic to the property.”