Savers Adds New Location in Orange County, Calif.
By Nick Trombola February 26, 2024 11:36 am
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Bargain hunters in Southern California will soon have another option, as thrifting giant Savers Value Village has signed a lease for a new space in Orange County.
The company will lease 25,688 square feet at the Santiago Hills Shopping Center, at 8520 East Chapman Avenue in the city of Orange, though the terms of the lease were not disclosed. The new location, which comes after another recently announced for Laguna Hills, will be the company’s fifth storefront in Orange County. Savers was represented by Axiom Retail Advisors and X Team Retail Advisors in the transaction, while landlord Pacific Properties Group was represented by Newmark (NMRK).
Based in Bellevue, Wash., Savers is a for-profit, publicly traded company, unlike the other major players in the thrifting space, Goodwill and The Salvation Army, though all accept donations of second-hand clothing and home goods. Although California has the highest concentration of Savers locations, the company has more than 315 locations across the United States, Canada and Australia.
The retail vacancy rate in Orange County dropped to 3.9 percent in the fourth quarter of last year compared to 4.1 percent the previous quarter, while average asking rents essentially stayed the same, according to a quarterly market report by Kidder Mathews. The amount of space under construction in the county has dipped significantly year-over-year, from over 100,000 square feet in December 2022 to just 3,400 at the end of 2023.
Nick Trombola can be reached at NTrombola@commercialobserver.com.
