Wikimedia Commons/Tony Webster
Wikimedia Commons/Tony Webster
Kimco Realty Corp., the company that owns Christown Spectrum in Phoenix, confirmed on Tuesday, Feb. 18, that Costco Wholesale Corp. will not be renewing its lease at its Montebello Avenue location this year.
Costco, which currently has a store at the Christown Spectrum, will be closing this location down later this year.
“We were disappointed to learn that Costco would not be renewing their lease at Christown Spectrum, and we understand that many of our shoppers are disappointed as well,” Kimco Realty Corp. said in a statement, according to the Phoenix Business Journal. “Kimco is committed to providing our customers with the tenant mix that will best serve their needs and ensure the long-term health of this shopping center, and we are actively marketing the space to a variety of retail and entertainment tenants.”
Jennifer Maisch, Kimco’s vice president of marketing and communications, said Kimco will be looking for new tenants and that some have already shown interest in the space, but a space as large as the one Costco occupies, approximately 155,000 square feet, can be hard to lease.
Other large retailers that operate at the Christown Spectrum are Harkins Theatres, SuperTarget, Walmart Supercenter and JCPenney.
A new Costco location is set to open later this year in Surprise, Arizona.
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