Mills Corp to expand high-end shops & restaurants in Pleasanto

26 Aug '05

3 min read

Arlington located retail destinations portfolio services provider The Mills Corporation announced Nordstrom has signed a letter of intent to build a new store at Stoneridge Shopping Center in Pleasanton, California.

The new 149,000 square-foot Nordstrom store will be located adjacent to its current store and is part of the center's overall expansion plans.

As part of the plans, the current Nordstrom space will be converted to 89,000 square feet of high-end specialty stores and a planned 75,000 square-foot cinema. New restaurants and an additional anchor store totaling 56,000 square feet also are planned for the center that is jointly owned by managing partner The Mills Corporation and General Motors Pension Trust.

"They are pleased that Nordstrom is partnering with us to enhance the shopping experience at Stoneridge Shopping Center. Nordstrom's relocation to a new space enables us to execute our plan of bringing additional high-end specialty retailers to the center," said Laurence C. Siegel, chairman and Chief Executive Officer, The Mills Corporation. "They are confident that the reconfigured Nordstrom and added upscale retailers will increase the value of Stoneridge Shopping Center, which already has sales in excess of $500 per square foot, and will contribute to the unique shopping and leisure experience it provides local residents."

"They were planning a major remodel, but when we were given the opportunity to build a brand new store with our latest in design concepts, we felt that this was the best option," said Erik Nordstrom, Executive Vice President of Full-Line-Stores for Nordstrom. "The Pleasanton community has been very supportive of us over the last 15 years and we look forward to serving our customers here for many years to come."

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