Costco Wholesale Corporation is growing its presence in Orange County.
The nationwide chain acquired two sites in Mission Viejo and Lake Forest in two separate deals to build new Costco outposts to serve customers, the Los Angeles Times reported.
In Mission Viejo, Costco snapped up a former Bed Bath & Beyond at 25732 El Paseo for $14.4 million. The company plans to tear down the building and build a new fueling station with 40 pumps next to I-405.
The fuel station at the Mission Viejo Freeway Center would stretch across more than 17,000 square feet and include an office for operations and a break room for employees. The nearest Costco warehouse location is about 2.5 miles south at 27972 Cabot Road in Laguna Niguel.
In Lake Forest’s Foothill Ranch neighborhood, Costco picked up the defunct Regal Cinema at Foothill Ranch Towne Center for $12.5 million. The company plans to replace it with a 160,811-square-foot store, complete with a tire center, on the 16-acre site. The nearest Costco warehouse, fuel station and tire center is in Irvine at 115 Technology Drive.
Costco operates 143 locations across California, including more than a dozen in Orange County. The latest acquisitions in OC are part of the company’s expansion both in the U.S. and around the globe.
In the company’s third-quarter fiscal year call on May 29, CEO Ron Vachris said the company anticipates opening 27 new warehouses, including three relocations, amounting to 24 net new buildings, Fox Business reported. It’s expected to reach 914 warehouses globally by the end of the fiscal year.
Another 10 Costco locations are planned to open in the fourth quarter. That will include new global outposts like its second warehouse in Sweden, its 20th in South Korea and its 110th in Canada. In recent months, the corporation opened new stores in Melbourne, Australia; a 37th warehouse in Japan; and seven net new U.S. locations.
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