Specialty Retailer Backfilling former Dick’s Sporting Goods Space
Oceanside CA— Hobby Lobby will serve as a new anchor at the College Plaza shopping Center in Oceanside (San Diego), California. The arts and crafts specialty retailer completed a lease for 58,646 square feet (sf) in the North San Diego County center and will backfill a significant anchor-tenant vacancy previously occupied by Dick’s Sporting Goods. College Plaza is owned by 95 College Plaza LTD, which was represented in the transaction by Bruce Schiff, CCIM and Andrew Peterson, retail specialists with Cushman & Wakefield’s San Diego offices.
Mr. Peterson said, “This vacancy presented a rare anchor/big box opportunity along North County’s Highway 78 Corridor and successfully securing a major, growing retailer like Hobby Lobby, is a significant and beneficial transaction for this center and its continued long-term success. He added, “This was also a significant transaction for the greater marketplace as it represents one of the largest retail lease transactions in the past five years along the Highway 78 Corridor.”
With more than 800 stores, Hobby Lobby is the largest privately owned arts-and-crafts retailer in the world with approximately 32,000 employees and operating in forty-seven states. Hobby Lobby is primarily an arts-and-crafts store but also includes hobbies, picture framing, jewelry making, fabrics, floral and wedding supplies, cards and party ware, baskets, wearable art, home accents and holiday merchandise.
Located at the southeast corner of College Blvd and Plaza Dr., College Plaza is a 150,000 sf center highly visible from Highway 78 and conveniently located directly off of the College Blvd. highway interchange. Other tenants include Grocery Outlet, Verizon, Starbucks, and Wendy’s.
Of note, Dick’s Sporting Goods had vacated its space in College Plaza back in fall of last year, relocating that store to Pacific Coast Plaza also in Oceanside in the former Sports Authority location.
According to Cushman & Wakefield’s year-end market report, retail vacancy in Oceanside was a healthy 5.7% in the fourth quarter of 2017, as this submarket reported nearly 110,000 sf of occupancy growth in the second half of the year.