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
54 • September 2017 • Western Real Estate Business www.REBusinessOnline.com of retail and 868 high-rise residential units. Progressive Real Estate Part- ners handled the initial lease-up of the project. Recently signed leases include Coffee Bean & Tea Leaf, America's Best Vision, Poki Cat, Organic Junkie, Meraki Salon and Union Barber & Beer Lounge. The project is unique to the area, presenting the first mixed- use development. In Rialto, Lewis Retail Centers is under contstruction with Renaissance Marketplace, a 430,000-square-foot center at the 210 Freeway and Ayala Drive. The center is anchored by Cin- emark Theaters, Burlington and 24 Hour Fitness. The company is also underway with the 97,600-square-foot Day Creek Marketplace in Rancho Cucamonga, anchored by Stater Bros. It plans to develop a 208,900-square- foot center at I-215 and Redlands Avenue in Perris called Perris Val- ley Towne Center. Lewis is also un- der contstruction with another Stater Bros.-anchored center, Norco Village, at 113,700 square feet, in Norco. The company also has plans for a number of expansions in its existing portfolio "SoCal's Inland Empire is enjoying the best retail economy in almost a decade," says Brad Umansky, presi- dent of Progressive Real Estate Part- ners. "The Inland Empire has added the second largest number of jobs in California over the past year and un- employment is down to 5.5 percent. In addition, retail vacancy is 7.4 percent — the lowest since 2007. The popu- lation is growing, and new housing starts and home sales are up. All of the positive growth is driving strong in- terest from retailers looking to expand their presence in the marketplace." In Orange County, the Irvine Com- pany is in the midst of a $150 million renovation at Irvine Spectrum Center that will add a wing of 20 new stores, new amenities and parking. Tenants at the center include Nordstrom, Target, H&M;, Lululemon, Anthropologie, Javier's, Forever 21, The Cheesecake Factory, P.F. Chang's and Brio Tus- can Grill, as well as one of the highest grossing movie theaters in the coun- try, operated by Edwards Theatres. In California's Central Valley, a joint venture between C & C Proper- ties Inc. and MarkChris Investments is planning the redevelopment of East Hills Mall in Bakersfield, about 110 miles north of Los Angeles. The 414,000-square-foot enclosed region- al mall will be transformed into a 350,000-square-foot, open-air lifestyle center. A state-of-the-art movie theater will anchor the development, which is set to feature a collection of restau- rants, retail and entertainment space. Renovations will include the addition of a large outdoor plaza, water foun- tain, and seating and landscaping around the movie theater complex. Development plans also include the addition of several buildings along Mall View Road for shops, restaurants and services. The buyers acquired the mall from a joint venture between Re- tail Equities LLC and El Corte Ingles in late December 2016. Completion is scheduled for fall 2018. About 25 miles south of Bakersfield, the Outlets at Tejon has been perform- ing strong, growing sales year-over- year as well as traffic to the center. "We've been fortunate in that we've been able to bring new brands into the center," says Hugh McMahon, executive vice president, commercial TIME TO HUDDLE. YOUR ALL PRO QB IS BACK ON THE WINNING TEAM 30+ YEARS IN THE SALE OF MULTI & SINGLE TENANT RETAIL INVESTMENTS THE LEADING RETAIL INVESTMENT SALES BROKERAGE FIRM, WITH OVER 80 OFFICES NATIONWIDE. HRA Winning Team Mentality: Consistent Elite Performance thru Knowledge, Communication, Determination, Organization, Detail, Execution. FOR EXCEPTIONAL RESULTS, CONTACT: SCOTT HOOK Senior Vice President (949) 290-8884 Scott.Hook@MarcusMillichap.com Designed by KTGY Architecture + Planning and developed by Civic Partners, Artisan Alley in Lake Elsinore is envisioned as a home for craft breweries and restaurant space. Metro at Main is the first mixed-use, urban style property in Corona, California, featuring 60,000 square feet of retail space and 868 residential units.