The footwear retailer and the electronics big-box recently
signed leases
MORGAN HILL
DSW shoe store and Circuit City have leased space in the Cochrane Commons retail center within the past month, a broker said. Terms of the deals weren’t disclosed.
Circuit City signed a lease for 20,533 square feet in the large shopping center under development on Cochrane Road immediately east of U.S. 101, and DSW’s lease is for 14,500 square feet, said Todd Oliver of Terranomics Retail Services, who represented Brownman Development, the center’s developer.
The center is anchored by a Target store, which opened in July. Other major retailers to set up shop within it are Petco and Staples.
Overall, the center has about 657,000 square feet of retail space and is being developed in two phases, Oliver said. In phase one, more than 225,000 square feet were up for lease and Terranomics has secured major retailers and smaller shops and restaurants. When phase one is complete, the developer can initiate phase two, an area immediately east. Whether that happens will depend on demand, Oliver said.
Lease negotiations are in progress with Wachovia Bank for a 7,200-square-foot space, Oliver said.
Two spaces designated for major retailers are still available. A 22,000-square-foot space between Circuit City and DSW, and an 18,608-square-foot space north of Staples do not have tenants.
Once completed, Cochrane Commons is anticipated to produce about $765,000 in sales tax revenue for the city, according to Morgan Hill’s Business Services and Housing Assistance Department Director Garrett Toy.
Owners of some downtown shops have expressed concern that their business will suffer as a direct result of Cochrane Commons. In anticipation, the Morgan Hill Downtown Association several months ago instituted uniform Sunday hours, under which all businesses agreed to stay open through 4 p.m. on Sundays.
