Best Buy will relocate its consumer electronics and appliance store at The Markets at Town Center into The Strand at Town Center, expanding its space in the process.
The Strand is under development by Preferred Growth Properties LLC, which also is redeveloping the Mandarin South shopping center, where it’s signing new tenants.
Best Buy, based in Minneapolis, said Tuesday it will relocate within the next year. The centers occupy both sides of Town Center Parkway.
“The new location is larger in size, allowing us to offer our customers more value propositions,” said spokeswoman Danielle Schumann.
Best Buy now occupies about 31,200 square feet at 4873 Town Center Parkway. Its space was built-out in 2008.
A May site plan for The Strand shows Best Buy in more than 36,000 square feet of space next to PGA Tour Superstore, one of the new tenants coming to town at the center.
Schumann said it is not uncommon for Best Buy to relocate a store when it looks at the needs of area customers. The employees will move with the store.
She said the value proposition refers to additional or larger sections in a store, such as kitchen and home appliances, TVs or other products and services.
Schumann said the location at The Strand was chosen because of its size and availability. None of Best Buy’s other four area locations will be affected, she said.
Preferred Growth Properties is the real estate subsidiary of Books-A-Million Inc., based in Birmingham, Ala.
Preferred Growth Properties’ Mandarin South redevelopment at 11700 San Jose Blvd. has signed or retained at least eight tenants, negotiating with two more and negotiating a letter of intent with another.
An undated site plan shows a lease has been executed for 1000 Degrees Neapolitan Pizza in the northern end unit and with Royal Nails. The Neapolitan Pizza website says the location is opening soon.
The plan shows there are lease negotiations with Taziki’s Mediterranean Cafe restaurant and Flooring Store as well as a letter-of-intent negotiation with Yogurt Mountain, a chain owned by Books-A-Million and a related equity firm.
Previously reported leases are with anchors Earth Fare and PetSmart as well as Tijuana Flats. Existing tenant AutoZone will remain in its location while Planet Beach and The Poochie Spa are relocating within the center.
The site plan did not indicate a tenant for the southern end of the center or for warehouse space behind AutoZone.
The city is reviewing a permit application for a $1.5 million build-out for Earth Fare and a $690,000 renovation for PetSmart.
Mandarin South is west of San Jose Boulevard and south of Interstate 295.
PGP Jacksonville LLC, part of Preferred Growth Properties, bought the 4.9-acre site two years ago for $4.7 million. The center was built in 1982.