Eagle Hardware & Garden Announces Sites for Three Additional California Stores
Business Wire - March 16, 1998 07:45
RENTON, Wash.--(BUSINESS WIRE)--March 16, 1998--Eagle Hardware & Garden, Inc. (Nasdaq NM:EAGL) today announced that it has entered into definitive agreements to acquire property for three future stores in Southern California. The stores will be located in Chino Hills, Westminster and Long Beach, California. Chino Hills and Westminster are currently scheduled to open in late fiscal 1998 and Long Beach is planned for fiscal 1999. The Company opened its first California store in La Quinta on February 26, 1998.
Commenting on the Company's announcement, Eagle's President Richard Takata said, "We are very enthusiastic about continuing our expansion in Southern California and introducing the Eagle concept to the Chino Hills, Westminster and Long Beach markets. These highly accessible locations have strong demographics and an excellent tenant mix. Our first store in La Quinta has had an outstanding reception as many Californians have enjoyed their first Eagle shopping experience.
"The Southern California market affords us numerous expansion opportunities," Takata continued. "We plan on having at least seven locations in the Southland by the end of 1999, with many additional sites under consideration."
The site in Chino Hills is being acquired from the owner/developer Lennar Partners. The 166,000 square foot Eagle store, which includes a 31,000 square foot garden center, will be part of the Crossroads Marketplace. Eagle will join Costco as a key tenant of the planned 759,000 square foot retail and entertainment center. Construction of the Eagle store is scheduled to begin this spring.
Eagle will join Wal-Mart as a co-anchor of the 300,000 square foot Westminster Gateway Center in Westminster, California. The Company has signed a ground lease with Pacific Theatres Realty and will construct a 138,000 square foot store, including a 24,000 square foot garden center. Construction is scheduled to begin later in the spring.
The store in Long Beach is also being acquired under a ground lease with Pacific Theatres Realty and will be part of the planned 388,000 square foot Los Altos Centre. The Eagle store will cover 164,000 square feet and will include a 30,000 square foot garden center. Eagle will join K-Mart and two car dealerships as the major tenants of the Los Altos Centre.
Eagle Hardware & Garden operates 32 warehouse home improvement centers in Washington, Utah, Colorado, Hawaii, Alaska, California, Idaho, Montana and Oregon. The Company's home centers average 128,000 square feet of retail selling space and feature over 65,000 products under its "More of Everything"(R) merchandising philosophy. |
