Phil Voorhees, executive vice president at CBRE, believes the West’s retail investment market is performing well following a slowdown that culminated with the 2016 holiday season. Though investors may not be on a buying spree at the moment, many are focused on asset preservation. Acquisition opportunities remain in secondary and tertiary markets, along with non-core properties that are lacking a grocery anchor. There is some trepidation from buyers that we are long into this real estate cycle, but deals are still getting done and lenders are still willing to lend. …
With a population of 2.1 million, San Bernardino County is upping its retail offerings to keep pace with its residential growth. That growth includes more than 100,000 housing units planned for the region to meet the demands of young families and individuals seeking an affordable quality Southern California lifestyle. Housing activity is encouraging new retail such as High Desert Gateway West in Hesperia, as well as Rialto Marketplace and Rialto Renaissance in Rialto to name a few new developments. Elisa Laurel, economic development coordinator for San Bernardino County, cites a …
The mixed-use environment is here to stay. Naysayers need only look as far as this year’s ICSC Western Dealmaking Conference, held Oct. 8 to 10 at the Los Angeles Convention Center, to know that this is true.
Downtown San Diego’s waterfront is set to undergo some major changes, but until that time comes, Seaport Village is open for business. The Port of San Diego reclaimed ownership of this 14-acre restaurant, retail and entertainment attraction on Oct. 1, and the organization has big plans for Seaport’s immediate future. Penny Maus, department manager of real estate and business development for the Port of San Diego, notes they are seeking innovative retailers and unique dining concepts to round out the existing tenant roster. The port is welcoming tenants that are …
Indoor malls continue their transformation. Los Angelenos need to only look as far as Manhattan Beach to see this retail trend in action. Traditional indoor mall Manhattan Village is undergoing a $180 million renovation that will not only revamp the current property, but will add a significant outdoor component to take advantage of the Southern California weather and lifestyle. The center is adding new dining options like Urban Plates, reopening known favorites like California Pizza Kitchen, and sprinkling in internet-resistant services like MAC cosmetics and Holly and Hudson Nail Lounge. …
The single-tenant net lease (STNL) market remains strong throughout the Western region, according to Bill Asher, executive vice president of Hanley Investment Group. This product is doing particularly well in newer, high-quality assets in coastal markets. Buyers remain as interested as ever in pad sites and credit tenants with long-term leases, including Starbucks, Chick-fil-A and 7-Eleven, Asher notes. All-cash buyers have also maintained their leg up over borrowers, especially in this rising interest rate environment. Asher has seen the most net-lease activity for assets priced at $7 million or less. …
Retail Insight sat down with Ashlyn Booth, senior vice president and director of retail properties at JLL, to discuss the leasing efforts at Manhattan Village, which is owned by RREEF Property Trust. The 44-acre, 573,000-square-foot indoor/outdoor mixed-use retail experience in Manhattan Beach, California, is currently undergoing a $180 million redevelopment. It will receive a variety of new tenants in the upcoming year, including Mexican food concept Mercado Manhattan Beach, Holly and Hudson Nail Lounge, Urban Plates, Joey Manhattan Beach and M·A·C (Make-Up Art Cosmetics). Retail Insight: Why was this the right time for Manhattan Village to undergo a renovation and …
The malls of yesteryear are not dead, but many are in need of a revival if they want to thrive tomorrow and beyond, believes Leslie Lundin, co-founder and managing partner at LBG Real Estate Cos. Lundin, who held the “Transforming Challenges into Opportunities” workshop on Monday at ICSC’s Western Dealmaking Conference at the Los Angeles Convention Center, asserts that many mall properties are situated in prime traffic corridors — meaning the traffic is there but it’s up to the owner to take advantage of these numbers. She points to the …
With the increased investor demand for service-based, internet-resistant retail, the single-tenant net-leased learning and daycare industry has emerged as a viable and sustainable alternative to common net-leased retail properties for private investors. Since January 2017, Hanley Investment Group has completed the sale of over $20 million in single-tenant learning and daycare leased properties across the country. Shopping Center Business sat down with Southern California-based Hanley Investment Group Vice President Jeff Lefko to discuss his take on this growing sector. SCB: Why are so many new daycare and learning centers opening across the …
Ease, convenience and experience are the goals of most shopping centers nowadays — with ease and convenience being a large part of a consumer’s overall experience. While these factors motivate some shoppers to make their purchases on a screen, these same goals are causing retail landlords to embrace healthcare tenants. “The retail environment is attractive to healthcare tenants because many of these tenants are interested in being located within the community,” says Dana Nialis, senior associate with CBRE’s healthcare services. “Doctors and medical groups are looking to expand beyond the …