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Real estate investment trusts

Burnham Pacific Properties Announces Lease with T.J. Maxx for Wiegand Plaza II

Strategic Insights

— 1 min read

Burnham Pacific Properties Inc., a Southern California real estate investment trust, has entered into a 10-year lease with T.J. Maxx as an anchor tenant in Wiegand Plaza II, located on El Camino Real in Encinitas, California. The new store, scheduled to open in May 1995, will occupy 26,813 square feet, with existing tenants relocated to vacant space in the center. The entire shopping center will be remodeled, replacing its Western theme with a brighter, more contemporary look, and will total 110,138 square feet when completed. This addition is expected to increase net earnings by $0.015 per share annually.

Key Takeaways:

  • Burnham Pacific Properties Inc. has signed a 10-year lease with T.J. Maxx as an anchor tenant in Wiegand Plaza II, located in Encinitas, California.
  • The new T.J. Maxx store, occupying 26,813 square feet, will open in May 1995, with existing tenants relocated to vacant space in the center.
  • The shopping center will undergo a comprehensive remodeling, increasing its total square footage to 110,138 by the completion date in May 1995.
  • The addition of T.J. Maxx and center remodeling is expected to increase net earnings by $0.015 per share annually.
  • Existing tenants in the center will benefit from improved sight lines and additional parking spaces.
  • Burnham Pacific Properties has a strong track record of active property management, having increased the overall square footage of its Independence Square Shopping Center by 21,000 square feet through a similar remodeling project.
  • The company owns 24 commercial real estate properties in San Diego, Los Angeles, Orange, and Santa Clara counties.

Statistics:

  • The T.J. Maxx store will occupy a total of 26,813 square feet, with an additional 4,448 square feet added to the existing space.
  • The entire shopping center will total 110,138 square feet when completed in May 1995.
  • The center's occupancy will increase from 75 percent to 99 percent with the addition of T.J. Maxx.
  • Burnham Pacific Properties Inc. expects to increase its net earnings by $0.015 per share annually due to the addition of T.J. Maxx and the remodeling of the center.

Sources:

  • Business Wire, "Burnham Pacific Properties Inc. Announces Lease with T.J. Maxx for Wiegand Plaza II", February 6, 1995
  • San Diego Business Journal, "Burnham Pacific Properties, T.J. Maxx Sign Lease for Wiegand Plaza II", February 1995 (no specific date provided)

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