Evergreen Development and Trachman-Indevco have officially closed on the purchase of 5.32 acres of property from Walmart to develop a series of shops and pads near the newly-constructed Walmart Supercenter on the corner of Citrus Avenue and Perris Boulevard in Perris, California. The purchase is part of a joint venture with Trachman-Indevco, LLC, a California-based real estate investment and development company, to develop Perris Marketplace.
The closing of the property comes as Evergreen transforms 231,913 square feet of land into three new multi-tenant shops, along with three long-term lease pads reserved for Wendy’s, Panda Express and Popeye’s.
“We have received very strong interest from retailers and restaurants to become part of Perris Marketplace, which is a true testament to the strategic plan established for the development,” said Andy Trachman, President of Trachman-Indevco. “In the coming weeks and months, we anticipate announcing additional tenants that will add to the fabric of the area.”
The multi-tenant shops will include approximately 29,987 square feet of leasable space, which has already been earmarked by several retail and restaurant establishments. Specifically:
- Shops A’s 9,900 square feet of leasable area is already 86 percent leased and will be home to Chipotle, WaBa Grill, Yogurtland, T-Mobile, and Pieology.
- Shops B includes 7,565 square feet of leasable area.
- Shops C, the largest retail area with 12,541 square feet of leasable space, is 36 percent leased. Pacific Dental and Verizon have officially leased space, while three other businesses, including a telecommunications company, insurance agency and national restaurant chain have signed letters of intent.
“As we prepare to break ground later this month, we do so knowing Perris Marketplace will be a great addition to Perris and will offer access to a wide range of retail, service and entertainment options,” said Chris Bergren, Principal of Evergreen.
The first restaurant pads – for Panda Express and Wendy’s – are expected to open in late 2016. Shop buildings are expected to be completed in early 2017.