Wal-Mart Buys 11-Acre Property in San Clemente

Discount retailing giant Wal-Mart Stores Inc. has acquired an 11-acre parcel in the Pacifica shopping center in San Clemente for a new store, the real estate broker in the deal said Thursday.

Wal-Mart expects to open the 105,000-square-foot store early in 1999, said Cameron Crowner, a retail properties specialist with CB Richard Ellis in Los Angeles. The brokerage, formerly CB Commercial Real Estate Group, is handling marketing and leasing for the center’s developer, Rancho San Clemente Partners LP.

Terms of the deal were not disclosed. The Wal-Mart store would anchor the 450,000-square-foot neighborhood center, which is expected to include a combination supermarket and drug store, a service station, several fast food outlets and a number of small retail and service businesses.