Discount Retailer Signs 10-Year Lease
Crosbie Gliner Schiffman Southard & Swanson LLP (CGS3) – representing Decron Properties Inc. – has finalized a 10-year lease with Dollar Tree Stores, Inc., a Fortune 200 company with stores nationwide, at 1778 W. Olive Avenue in the Merced Marketplace. Marking the company's third location in Merced, Calif., the discount variety retail venue will span approximately 9,459 square feet and is slated to open August 2020.
"Having two other successful locations in Merced, Dollar Tree is a proven commodity in the market and should be a tremendous asset to the Marketplace and an excellent addition to the merchandising mix," said Decron's commercial division director, Tim Kushner.
Dollar Tree is a discount retailer which now operates 15,370 stores across 48 states and five Canadian provinces. Open seven days a week, the discount retail stores offer an assortment of merchandise priced at $1 or less.
According to Chris Rizza, a CGS3 partner who helped facilitate the transaction, the deal presented some challenges as it was fully executed and negotiated during the COVID-19 lockdown, yet ultimately was a "win-win" for all parties involved.
"Who would have thought any new retail deals were going to survive – let alone be completed – during this unprecedented time," Rizza said. "Both parties were motivated, and, fortunately, we were able to navigate through various issues and mitigate the risk of a number of uncertainties in a cooperative manner."
About Crosbie Gliner Schiffman Southard & Swanson LLP (CGS3)
Since its inception in 2013, CGS3 has emerged as a new generation law firm that has quickly established a reputation as one of the leading commercial real estate law firms in California, attracting some of the state's finest real estate attorneys from both large corporate firms and senior in-house positions. With practice areas including finance, acquisition/disposition, entity formation, tax, development, land use, leasing, distressed assets and litigation/disputes, CGS3 is located at 12750 High Bluff Drive, Suite 250, San Diego, California 92130 and 10940 Wilshire Boulevard, Suite 2200, Los Angeles, California 90024. For more information, visit http://www.cgs3.com.
About Decron Properties Inc.
Decron Properties (https://www.decron.com) is one of the largest privately-owned real estate firms in California with 2020 revenues projected to be in excess of $225 million. Decron's portfolio includes approximately 8,600 apartment units and 1 million square feet of office and retail centers throughout California and Washington.
