Seattle-based Nordstrom, Inc. (NYSE: JWN) announced Thursday plans to open Nordstrom Rack at Wilmot Plaza in Tucson, Arizona. The approximately 25,000-square-foot store is scheduled to open in spring 2016. The property is owned by BP Wilmot Plaza LLC, an affiliate of Bourn Companies LLC, a commercial real estate investment, development and services company based in Tucson, Arizona.
Nordstrom Rack will be joining fellow anchors TJ Maxx and Dick’s Sporting Goods in the redeveloped Wilmot Plaza shopping center, located at the northeast corner of Broadway Boulevard and Wilmot Road, near Park Place Mall. Wilmot Plaza will encompass approximately 140,000-square-feet of retail space when the 10-acre shopping center is fully redeveloped.
“We’re excited to offer our customers in Tucson another location to shop for the brands they love at great prices by adding a second Nordstrom Rack at Wilmot Plaza,” said Geevy Thomas, president of Nordstrom Rack. “We’re hopeful this will give new and existing customers a more convenient shopping experience.”
The new store will be the seventh Nordstrom Rack in Arizona, and the second in Tucson, joining Nordstrom Rack at The Corner which opened in 2011. Nordstrom also operates two full-line stores in Arizona, and began serving customers in 1998 at Fashion Square in Scottsdale.
Since its origination in 1990, Bourn Companies and its predecessors have completed over 4 million-square-feet of acquisitions and developments, specializing in corporate office buildings, retail shopping centers and unique multi-family residential and hospitality properties.
“We are thrilled to once again to be working with Nordstrom to bring a Rack store to Wilmot Plaza to serve the east half of the market and southern Arizona,” said Don Bourn, principal of Bourn Companies, LLC.
In a separate transaction, Bourn Companies through affiliate, BP Grant PAD Investors LLC, bought a 31,748-square-foot retail pad at 6572 E Grant Road in Tucson from Target Corporation for $640,000 ($20.16 PSF). The property is located at Grant and Tanque Verde and was excess land for Target. Bourn purchased it to pre-lease for either a single tenant built-to-suit ranging from 2,500 to 7,500-square-feet, or possibly a multi-tenant building up to a 7,500-square-foot footprint.
Alan Tanner and Brigham Stevens with Bourn Advisory Services in Tucson are handling the leasing for both properties and should be reached at 520.323.1005.
For additional information on these transactions, see RED Comp #1136 and RED Comp #3148.