Western Real Estate Business

SEP 2017

Western Real Estate Business magazine covers the multifamily, retail, office, healthcare, industrial and hospitality sectors in the Western United States.

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M A R K E T H I G H L I G H T: S A N D I E G O 38 • September 2017 • Western Real Estate Business www.REBusinessOnline.com SAN DIEGO'S BIG RETAIL PUSH INTO 2019 Retail construction and entitlements are at new all-time highs, but will some San Diego trade areas go from underserved to over-retailed? From North County to the South Bay, here is a select list of projects un- derway: North City San Marcos, a 200- acre, mixed-use project is push- ing forward. It currently houses a 20,000-square-foot brewery, bowling alley and restaurant called URGE Common House. Just on the other side of the hill is San Elijo Town Cen- ter, a 34,000-square-foot project that is finally set to break ground after many years of stalled attempts. Oth- er North County projects include the newly renamed the Square at Bressi Ranch, which is now seeking a variety of fresh tenants to add to its anchors of BevMo, Sprouts and a CVS. Just around the corner from the square is Roberson Ranch, the retail com- ponent of a large master-planned, single-family home community off El Camino Real in Carlsbad. The Shoppes at Carlsbad, formerly Westfield-owned Plaza Camino Real, is getting a massive and much-needed makeover. Rouse has recently been able to acquire both the Sears and Macy's boxes, with plans to develop a lifestyle retail experience in its place. Del Mar's One Paseo has been push- ing quite a bit of dirt around and, based on leasing interest in the proj- ect, will likely be a successful addition to a traditionally underserved market. The Watermark in Scripps Ranch is a 250,000-square-foot lifestyle proj- ect that will be anchored by a Whole Foods and an upscale theater. Civita in Mission Valley, a 600,000-square- foot mixed-use project in Mission Val- ley, is in the early stages of leasing. Down in the South Bay, Millenia is a 120,000-square-foot mixed-use project across from GGP's Otay Ranch Town Center. These projects are a very small sample of the millions of square feet currently proposed or under construc- tion throughout the county. Many more projects are being built in urban neighborhoods or in Downtown San Diego. Banker's Hill, East Village and Little Italy are a few that are seeing a large velocity of new mixed-use con- struction. There are currently more than 230 new restaurant tenant improvement projects in the San Diego planning de- partment's hands. It's my estimation that once several of these newer proj- ects come online into 2019, we will see older projects with less desirable ten- ants start to really struggle. Michael Spilky President, Location Matters The Watermark in Scripps Ranch is a 250,000-square-foot lifestyle project that will be anchored by a Whole Foods Market and an upscale theater. Newly renamed the Square at Bressi Ranch in San Diego counts BevMo, Sprouts and CVS among its anchor tenants. The Shoppes at Carlsbad in Carlsbad will soon feature a lifestyle retail experience that will replace the site of the former Sears and Macy's boxes. MAKING IT EASY TO HELP BUSINESSES GROW. Having worked with a multitude of companies in a variety of industries throughout Southern California, Carly understands the challenges small business owners face when growing their businesses —especially when it comes to wide variety of financing options there are to choose from. As a Business Development Officer for Business Finance Capital (BFC), Carly Naples specializes in helping businesses finance the purchase of an existing building or the construction of a new facility using the SBA 504 Loan—a program that offers low down payments and low, long-term, fixed interest rates. Call Carly today at 800-SBA-REAL (722-7325) to find out how BFC can help your business grow with a real estate purchase. Business Finance Capital 1055 W. 7th Street, Suite 2250 Los Angeles, CA 90017 1-800-SBA-REAL (722-7325) Business Finance Capital Helping Small Businesses Think Big Commercial Building Consulting Company Monrovia, CA Industrial Building Food Distribution Los Angeles, CA Office Building Accounting Firm Los Angeles, CA Retail Property Accessories Manufacturer Altadena, CA $950,000 $6,500,000 $1,908,000 $3,200,000

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