WAM Enterprises Inc., of Spokane, plans to build a retail strip center in the northeast corner of the parking lot at Wal-Mart Stores Inc.s new outlet in Post Falls.


WAM bought a little more than an acre of Wal-Marts 20-acre Post Falls site, which is located along Mullan Avenue in the northeast part of the city, says Bruce Miller, vice president of the development company. He declines to disclose the purchase price of the property, but says the value of WAMs retail project once its completed will be about $1.8 million.


WAM plans to build an about 10,000-square-foot retail strip there, he says. Panco Construction Inc., of Spokane, will begin construction on the project in about a month, and should finish it by June 1, Miller says.


Tenants that have already agreed to lease space there include electronics retailer Radio Shack, Great Clips for Hair, and Papa Murphys Take n Bake Pizza. Miller expects the strip center to have a total of four to six tenants when its completely leased.


Preleasing a strip retail project of this nature isnt common, especially in the current down economy, so to be able to get preleasing prior to even having a sign on the site demonstrates the strength of the site to us, he says.


Miller says WAM was the first in the door when Wal-Mart offered the one-acre pad for sale. At some Wal-Mart stores, the Bentonville, Ark.-based retailer requires that developers build structures for a particular kind of business, such as a fast-food restaurant, on freestanding pads, he says. In some cases, (Wal-Mart) will allow multitenant buildings like this, he says.


WAM didnt know what the requirements would be when it optioned the site, but Miller says the company is delighted with its purchase. Its a great place to bewere seeing a lot of activity, he says.


Wal-Mart opened its 184,000-square-foot store there late last month.