Nordstrom Rack to Open at Carmel Mountain Plaza in San Diego
SEATTLE, Nov. 8, 2011 /PRNewswire/ -- Seattle-based Nordstrom, Inc., (NYSE: JWN) announced today plans to open a new Nordstrom Rack in San Diego. The approximately 39,000-square-foot store is scheduled to open during fall 2012 at Carmel Mountain Plaza in San Diego, Calif. Carmel Mountain Plaza is owned and managed by American Assets Trust, Inc. (NYSE: AAT).
Nordstrom Rack is the off-price retail division of Nordstrom, Inc., carrying on-trend merchandise from Nordstrom stores and Nordstrom.com at 50 to 60 percent off original Nordstrom prices. Nordstrom Rack also offers a wide selection of apparel, accessories and shoes from many of the brands carried in Nordstrom stores. These items are purchased specially for Nordstrom Rack, with most at savings of 30 to 70 percent off.
Carmel Mountain Plaza is located in Carmel Mountain Ranch, a San Diego community, near the intersection of I-15 and Carmel Mountain Road. The new Nordstrom Rack will join anchor tenants Barnes & Noble, Marshalls, Michaels, Ross and Sprouts. The center also features a movie theatre and several restaurants.
This will be the fourth Nordstrom Rack in San Diego. Nordstrom also operates four full-line stores in the area. "San Diego has been our home for over 30 years and we hope our new store at Carmel Mountain Plaza will help us better serve the many customers we are fortunate to have in the area," said Geevy Thomas, president of Nordstrom Rack.
"We are thrilled to welcome Nordstrom Rack to Carmel Mountain Plaza," said John W. Chamberlain, President and CEO of American Assets Trust, Inc. "Nordstrom Rack is the perfect addition to this center, and will quickly become a shopping destination for countless people in the surrounding communities."
About American Assets Trust, Inc.
American Assets Trust, Inc. ("AAT") is a full service, vertically integrated and self-administered real estate investment trust, or REIT, that owns, operates, acquires and develops high quality retail and office properties in attractive, high-barrier-to-entry markets primarily in Southern California, Northern California, Hawaii and Oregon. AAT was formed to succeed to the real estate business of American Assets, Inc., a privately held corporation founded in 1967 and, as such, has significant experience, long-standing relationships and extensive knowledge of its core markets, submarkets and asset classes. AAT's retail portfolio comprises approximately 3.0 million rentable square feet, and its office portfolio comprises approximately 2.2 million square feet. In addition AAT owns one mixed-use property (including approximately 97,000 rentable square feet of retail space and a 369-room all-suite hotel) and over 900 multifamily units. AAT intends to elect to be treated as a REIT, for U.S. federal income tax purposes, commencing with the taxable year ending December 31, 2011. For additional information, visit www.americanassetstrust.com.
Nordstrom, Inc. is one of the nation's leading fashion specialty retailers. Founded in 1901 as a shoe store in Seattle, today Nordstrom operates 225 stores in 30 states, including 117 full-line stores, 104 Nordstrom Racks, two Jeffrey boutiques, one treasure&bond store and one clearance store. Nordstrom also serves customers through Nordstrom.com and through its catalogs. Additionally, the company operates in the online private sale marketplace through its subsidiary HauteLook. Nordstrom, Inc.'s common stock is publicly traded on the NYSE under the symbol JWN.
SOURCE Nordstrom, Inc.