Western Real Estate Business magazine covers the multifamily, retail, office, healthcare, industrial and hospitality sectors in the Western United States.
Issue link: https://westernrealestatebusiness.epubxp.com/i/873170
www.REBusinessOnline.com Western Real Estate Business • September 2017 • 51 was undertaken in 2014 while main- taining full operations at the center. Merlone Geier Partners and Carmel Partners have developed The Village at San Antonio Center adjacent to Fed- eral Realty's successful San Antonio Center in Mountain View. The project now has a second phase underway that will bring further retail and res- taurants to the area. Further north, in Folsom, San Mateo- based Nazareth Enterprises recently acquired Walmart Central Shopping Center, a 139,377-square-foot center shadow anchored by Walmart for $39.7 million. Other tenants at the cen- ter include 24-Hour Fitness, 99 Cent Store and Western Dental. Los Angeles, Orange County and Inland Empire Vacancy in the Los Angeles area is at low levels; good news as a number of new developments and redevelop- ments begin to take shape in the area. Vacancy in downtown Los Angeles is at 4.1 percent, according to Marcus & Millichap's Second Quarter Retail Re- search Market Report for Los Angeles County. The San Fernando Valley area is seeing a 3.4 percent retail vacancy rate, the same as in the South Bay/ Long Beach area, according to the re- port. The West Side is seeing a 3.7 per- cent vacancy rate. Two of Los Angeles's flagship retail centers are seeing major redevlelop- ments and are the projects getting the most attention at the moment. Taub- man is hard at work on the redevelop- ment of Beverly Center in Los Angeles. The company recently leased space to four new restaurants that will join Beverly Center's culinary lineup as part of the shopping and dining desti- nation's $500 million redevelopment. The restaurants — Cal Mare, Eggslut, Farmhouse and Yardbird — will be lo- cated on Level 1. All are expected to open by the end of 2018. A brand new 8,200-square-foot concept from James Beard Award-winning, Michelin- starred Chef Michael Mina, Cal Mare is a celebration of coastal Italian cui- sine with Mediterranean and Califor- nian influences. Farmhouse celebrates California's bounty from local farms, markets, dairies and purveyors, situ- ated within a new informal dining ex- perience in a 7,000-square-foot space. Yardbird will be a 6,000-square-foot homage to farm-fresh ingredients, classic Southern cooking, culture and hospitality, helmed by award- winning restaurateur John Kunkel. Eggslut is a gourmet food concept founded in 2011 as a food truck. Every store is open throughout the renova- tion that is scheduled to be completed by holiday 2018. Beverly Center has more than 100 stores, including Burb- erry, Dolce & Gabbana, Fendi, Gucci, Louis Vuitton, Prada, Saint Laurent and Salvatore Ferragamo. The center is anchored by Bloomingdale's and Macy's. A few miles away, Westfield is re- developing Century City, investing $1 billion to recreate, re-envision and expand the super-regional open-air center. The company has undertaken a major construction effort, complete- ly rethinking the property's design and décor in partnership with interior designer Kelly Wearstler to create a Southern California feel throughout the center's open-air plazas and land- scaped courtyards. A new, three-level Nordstrom store will be added to the center, as will the West Coast's first Eataly location. The redevelopment will be complete later this year, and parts of the design are already emerg- ing. Westfield estimates that total restaurant sales at the center will ap- proach $200 million per year. Acquisition and redevelopments are also noteworthy in the area, as de- velopers seek to redevelop infill areas and create projects that better fit to- day's consumer. Red Mountain Group Inc. has ac- quired La Cienega Triangle, an 8.6- acre property located at the three- pronged intersection of La Cienega Boulevard, Centinela Avenue and La Tierja Boulevard in Los Angeles. A 117,838-square-foot urban redevelop- ment project calls for an immediate adaptive reuse of the existing 43,138 square feet of streetfront retail along La Tierja Boulevard. The redevelop- ment will be followed by an addition- al 42,700 square feet of ground-up im- provements on the balance of the site. The development will include a gro- cery store, entertainment, soft goods carriers, sit-down food service facili- ties and four drive-thru operators. A 30,000-square-foot office building is also located on the site.