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mall with five department stores anchors and over 165 specialty stores and services. <br />The Mills Corporation, a national real estate investment trust, purchased the mall in <br />2004 and is currently processing entitlements to build a replacement Nordstrom's <br />store and convert the existing store into lifestyle retail. Stoneridge currently reports <br />an excellent 98 percent occupancy rate, with lease rates for its available small <br />spaces (roughly 1,000 square feet) of approximately $5.00 per square foot per <br />month, on a triple net basis. <br />It should be noted that while P leasanton has a ful I complement of retail facilities, <br />much of it is configured in an auto-oriented configuration that is becoming <br />increasingly obsolete on a national scale. Many national retailers are now seeking a <br />more pedestrian-oriented lifestyle setting for their stores, with outdoor cafes, <br />unobtrusive parking solutions, and a mix of uses either within the retail center or <br />nearby to encourage longer shopping trips. <br />11 <br />