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 • 55 and industrial real estate for the Tejon Ranch Company. "We have Old Navy opening in November; Samsonite just opened in July; Express has joined the center; and Brooks Brothers is open- ing shortly. We are building momen- tum here." Along with the outlet center, Tejon Ranch has opened several restaurants over the past few years, as well as fill- ing stations and convenience stores, making the area a frequent stop for visitors traveling along the route from Southern California to the Bay Area and beyond. The Starbucks at Tejon Ranch broke records when it opened a few years ago. A new 12,000-unit residential community and 5.1 mil- lion square feet of commercial space is planned for the future of Tejon Ranch, which should include the growth of other retail in the area. San Diego Area San Diego's statistics are also bod- ing well for the market, according to Marcus & Millichap's second quarter Retail Research Report for the area. The report cites 590,000 square feet of new retail will be completed in 2017, as well as a decrease in the vacancy rate to 3.8 percent. There has also been a 2.1 percent increase in asking retail rents in the area. Much of the new space in the area is due to the $600 million invest- ment that Westfield is making at its UTC center in North San Diego/La- Jolla that is set to come online this fall. Westfield is expanding UTC by 250,000 square feet. New restaurants at the center include Great Maple, Ja- vier's, Shake Shack, The Winery, True Food Kitchen and Din Tai Fung, and a number of new retailers will join the center. Elsewhere in the San Diego mar- ket, Sudberry Properties is de- veloping Millenia Town Center, a 128,177-square-foot retail property located at the southeast corner of Highway 125 and Birch Road in Chu- la Vista. Major tenants on the property will include Buy Buy Baby, Ross Dress for Less, Homegoods and Cost Plus. Northmarq Capital arranged financ- ing for the center. Donahue Schriber also has plans to add space to its Del Mar High- lands Town Center, which the com- pany originally developed in 1987. The company will add a new food hall component, expand the Jimbo's Natural market and add new retailers and additional parking as part of an expansion. (See related article on page 44 of this issue). RAF Pacifica Group has acquired a 40,000-square-foot land parcel in So- lana Beach, formerly the site of Ce- dros Gardens, and plans to develop a 26,000-square-foot mixed-use project including restaurants, ground-floor retail, office and multifamily space. The land is fully entitled for devel- opment and is located in the Cedros Design District. The planned develop- ment will include 3,200 square feet of restaurant space, 5,000 square feet of ground-floor retail, 8,000 square feet of office space and eight multifamily units. RAF will break ground on the Cedros Avenue project this year, with an estimated completion date in 2018. "The outlook for California contin- ues to be very strong," says Schurgin. "The influx of growth in California and the focus now on California from so many East Coast investors — they are looking at it so much more seri- ously now than they used to." n WELCOME TO THE future... OF RETAIL Imagine it. A retail environment featuring fresh, attractive shopping centers where tech-savvy consumers take advantage of both brick-and-mortar and mobile shopping opportunities. A place where national brands complement one another in a retail mix that drives customer sales. And a location that boasts preferred demographics within a sustainable marketplace. Add to that a historic, walkable downtown where specialty retailers offer unique products and services. A destination where locals and visitors come to "experience" shopping and dining at its best. This is the future of retail and you can be a part of it... in Redlands, California. It's time. FIND YOUR future IN REDLANDS For more information on retail opportunities, contact the Economic Development Division. (909) 335-4755 RedTeam@CityofRedlands.org Manhattan Village in Manhattan Beach will undergo a $150 million redevelopment that will feature a new open-air plaza, new retailers and chef-driven restaurants.