First Western Properties, the company which manages the building recently vacated by Joe’s Sporting Goods, has confirmed that it is in negotiations with a number of large retailers.

First Western’s Eric Bissell told The Reporter on Tuesday that there were “3 or 4 guys interested” in the 42,000-square foot property in Issaquah’s Town and Country Shopping Center on Northwest Gilman Boulevard.

The Joe’s store was one of the anchor tenants of the center, prior to the company’s demise earlier this year, and their departure has left a large hole to fill if the center is to remain a shopping destination.

While not able to say which businesses had expressed an interest in the property, Bissell said that one of those businesses was “similar to Joe’s.”

He said that all the businesses he had heard from were retail stores.

Bissell also confirmed that the $15 per square foot rental price was lower than in previous years.

“It probably has come down a little bit in price,” he said, a reflection of an economic market in which many businesses are loathe to expand. “But Eastside box stores are still in demand. They are not doing as badly as some other commercial properties.”

Bissell said that this was due to an Eastside economy that was stronger than most, and the fact that “we’re not as overbuilt” as other cities, in terms of commercial density.

Bissell said he thought a new tenant would be in the building by the end of the year.

“That would be great,” said City of Issaquah Economic Development Manager Dan Trimble. “It is always tough when an anchor tenant goes.”

Trimble said that the city would only get involved in the manager/tenant process if there was a complaint or specific problem, or if the vacancy became persistent.

Just how long it might take for the vacancy to become persistent, however, Trimble could not say.

“A larger property might sit for a longer time, as there are less businesses of that size,” he said. “Another wildcard is the market. Right now there aren’t a lot of fish out there.”

Trimble went on to say that Joe’s demise was not a reflection of business conditions in Issaquah, but national conditions.

“Jones is an example of how the credit issues of the corporation trumped how the business was doing locally,” he said. “As I understand it, the Eastside stores were doing pretty well.”

Joe’s had remained profitable while other companies were struggling, and in 2008, increased revenue to $274 million, $14 million more than the previous year.

The company broke even through the first three-quarters of 2008, before a fall in consumer confidence and heavy snow in the last weeks of December had an impact on sales.

The business was forced to close when it fell into violation of loan covenants with Wells Fargo and Crystal Capital, which required it to maintain certain financial ratios.

“We are obviously very interested in seeing that space filled, for the good of the community and the good of the business community,” said Issaquah Chamber of Commerce Chief Executive Officer Matthew Bott.

The C.E.O said that he had not heard whether the absence of the anchor tenant had impacted on other businesses in the Town and Country Center.

“It only happened quite recently,” he said. “I think people are probably still in shock, as to how quickly it happened.”