Viking Investment Properties has announced the execution of a lease with Grocery Outlet (GO) to occupy approximately 18,000 sq. ft. of retail space, at 22441 Barton Road. The lease has an initial term of 10 years with four 5-year renewals. GO will invest over $3,500,000 in equipment and improvements before the new store opens. In addition, Viking Investment Properties will also spend approximately $800,0000 in external improvements and a $220,000 tenant improvement allowance, which brings the total initial investment to the shopping center, located on the corner of Mount Vernon and Barton Road, to approximately $4,420,000.
Grocery Outlet (GO) was started in 1946, by Jim Read. Today, GO has nearly 300 stores and is growing rapidly. GO stores are situated in six states CA, ID, NV, OR, PA and WA. GO is aggressively opening new stores in SoCal, including the IE. GO currently has stores in Upland and Ontario, and is opening new stores in Riverside, Moreno Valley, Rialto and now, the City of Grand Terrace.
Today, GO is managed by Co-CEO's who are third generation family members of Jim Read-the Founder of GO. One is the grandson of Jim Read and the other is the husband of Mr. Read's granddaughter. GO is very much a family business. All GO stores are operated by joint venture partners who are usually a husband and wife who live in that community. Again, this strengthens the family business of GO.
The City of Grand Terrace hired EconSolutions by HdL Consultants over 2 years ago to partner with local shopping centers to bring major tenants to shopping centers on Barton Road. HdL worked with the property owner to secure the deal for the GO store in Grand Terrace. Additionally, staff and HdL worked diligently to put together information on the trade area-including market analytics and store completion, plus new residential growth data, which includes nearly 3,500 new residential units under development within 2 miles of the site. Selling the trade area was big part of getting GO’s approval.
Estimated sales tax for GO is $20,000 annually, but more importantly, GO will serve as anchor to the GT Shopping Center site (this space has been vacant for over six years). This center also helps anchor the Barton Road corridor. Grand Terrace Grocery Outlet should be opening in late Spring of 2019.
For more information, please contact City Manager, G. Harold Duffey, at 909-824-6621, ext. 259, or via email, at hduffey@grandterrace-ca.gov.