Western Real Estate Business

MAY 2018

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

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www.REBusinessOnline.com Western Real Estate Business • May 2018 • 57 signed and how they function. Their influence on ecommerce is profound. This is especially true in San Bernardi- no County as Amazon now accounts for more than 6 million square feet of space and more than 6,000 jobs in the region. Lang Cottrell, regional director of Goodman's Southwest region, has witnessed the impact ecommerce has had on facilities, creating a greater emphasis on the workforce and the human capital needed to operate ef- fectively. "There's competition for employ- ees," he says. "Operators are building lots of 'people space,' such as high- quality office and employee cafete- rias and sitting rooms. So they invest the money to create an environment where people want to work." Experiential, Ground-Up Development Remain Strong San Bernardino has 844,213 square feet of new retail under construction, according to CBRE's fourth quarter of 2017 retail overview for the area. This level of activity is even greater than the surrounding coastal markets of Los Angeles and Orange counties, making San Bernardino County a re- tail location of choice within the state. Majestic Realty is working to meet this increasing population demand. The developer has built almost 1 mil- lion square feet of retail in San Ber- nardino County in its Citrus Plaza and Mountain Grove retail properties. These centers attract a diverse tenant mix that provides goods and services, food and entertainment venues, includ- ing a health club, movie theater, soft goods, food and everything in between. "It's crucial that we provide an ex- perience," says John Hunter, Majes- tic's senior vice president. "You need to touch all the bases by making it inviting, enjoyable and entertain- ing to everybody. We work hard to make that happen and the result has been great. The people that can buy on ecommerce still enjoy shopping in the brick and mortar, provided it's a positive experience. Brick and mortar stands on its own and ecommerce is just helping to grow the pie." Another developer investing in the region's increasing population is CIM Group. This company purchased Montclair Plaza and has since em- barked on a multi-phase redevelop- ment and rebranding of the property. CIM remodeled all finishes from floor to ceiling, opened a new food hall called Moreno St. Market, added digi- tal directories, revised vertical trans- portation and created inviting soft seating areas. The next phase of Montclair Place's redevelopment just kicked off. It in- cludes the construction of a new wing to accommodate entertainment and restaurants. This will replace the former Broadway Department Store with a two-level, 134,000-square-foot building featuring a 12-screen AMC Dine-In theater. Understanding the redevelopment plans for the center, many existing tenants such as Disney Store, Hollis- ter, Express and Justice, renewed their leases and remodeled their stores. The store's improvements, combined with the interior remodeling of the center, have enhanced the overall shopper experience. Montclair Place signed more than 50 new and renewal leases in the past year alone. Another testament to the demand for entertainment-based retail in San Bernardino County is the success of Punch Bowl Social. A leader in the "eatertainment" movement, Punch Bowl Social opened a 19,000-square- foot restaurant, bar and entertainment concept in Rancho Cucamonga's Vic- toria Gardens. The center's open-air, pedestrian-oriented, mixed-use ap- proach was immediately appealing to the concept. There is no doubt that this is the time to consider San Bernardino County, no matter your retail sector or special- ty. Growth remains a constant in the county. The greatest challenge now will be ensuring the right partners are in place to meet the retail demands of this growing inland Southern Califor- nia population. Reg Javier, San Bernardino County Deputy Executive Officer, Workforce and Economic Development Majestic Realty's Mountain Grove. Visit our Booth @ ICSC RECON Las Vegas Booth S 280 R Street Majestic Realty has built almost 1 million square feet of retail in San Bernardino County in its Mountain Grove (left) and Citrus Plaza (right) retail properties.

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