Cleveland Developers Diversified Realty Corp. announced the sale of three former Mervyn's locations in California.
"Retailers are acting with renewed interest in backfilling locations to ensure their growth plans are met for 2010 and 2011," said Paul Freddo, senior executive VP leasing and development for Developers Diversified. "Demand for retail real estate continues to increase, and without new supply coming on line, we expect this trend to continue."
Since being returned to the company, Developers Diversified has closed or has leasing activity on nearly 70% of the Mervyn's portfolio, with retailers such as Kohl's, Forever 21, Walmart, Dick's Sporting Goods, Sprouts Farmers Market, Buybuy Baby, Hobby Lobby and Burlington Coat Factory.
The recently sold former Mervyn's locations are:
- A75,207-sq.-ft. location in San Diego, at Southland Plaza Shopping Center;
- An 88,223-sq.-ft. location in Fairfield, Calif., at Westfield Solano Shopping Center; and
- A 79,808-sq.-ft. location in West Covina, Calif., at Westfield Eastland Shopping Center.