Hobby Lobby has signed a lease for 61,000 square feet at Heritage Mall, located at 1871-2255 SE 14th Ave. in Albany, OR.
This will be the retailer's first location in Oregon when it takes occupancy of the former Gottschalks space in the first quarter 2014. Hobby Lobby, an Oklahoma City-based leader in the arts and crafts industry, currently has 531 stores in 44 states.
The 408,878-square-foot regional mall was built in 1988 on 33 acres in the Linn County submarket of Portland, just west of I-5 and north of Corvallis and 26,000 students at Oregon State University. It is home to 52 retailers, boutiques and restaurants including Target, Sears, Ross, Old Navy, rue21, Famous Footwear, Game Stop, and Bath & Body Works.
Vintage Real Estate acquired the center in December 2012 from Wells Fargo Bank for $11 million in an REO sale, according to CoStar data.
Please see CoStar COMPS #2616871 for additional information.
"This is just the beginning of our program to re-tenant this great mall with top national brands and unique boutiques. We are in discussions with numerous retailers and restaurants," said Roger Burghdorf, executive vice president of leasing for Vintage.
Robert Dishler with Jones Lang LaSalle represented the landlord.