Terranomics Significant Retail Transactions – February 14, 2013
Original Owner Sells Crestview Village Shopping Center for Over $20 Million to Local Developer
February 14, 2013 – Bob Dong and Jared Dong with Terranomics Retail Services represented both Buyer and Seller in the investment sale of the ±190,000-square-foot Crestview Village Shopping Center in Carmichael, CA. Evergeen Commercial, a local Sacramento-based investment developer, recently acquired the center from Richard Holesapple, the original owner of the project, for a price exceeding $20 million. Located at the NEC of Manzanita Avenue and Winding Way, Crestview Village is anchored by a Save Mart Supermarket, Ross Dress for Less, and Big 5 Sporting Goods and features other key retailers such as Dress Barn, Famous Footwear, Bath & Body Works, and Hallmark. The center was constructed in the 1960s and was extensively renovated in the 1990s.
The center was part of a larger 3-property portfolio formerly owned by Holesapple that had also consisted of a 150-unit apartment complex built in the 1960s, plus a 50-unit condominium project built in the 1980s. These two residential complexes, located across the street from Crestview Village, were sold in 2010 in a separate transaction between Holesapple and Evergreen Commercial.
Target Acquires ±10 Acres at New Village Oaks Shopping Center in South San Jose, Retailer Will Anchor Project
February 14, 2013 – Matt Kircher with Terranomics Retail Services represented buyer Target Corporation in its acquisition of just under ±10 acres of land from Hunter Storm Properties at the site of the new Village Oaks shopping center in South San Jose. Target will be constructing a new ±140,000-square-foot store and will serve as the new center’s primary anchor. Target is expected to open in March 2014.
Village Oaks will start construction in a couple months and will open the first quarter of 2014. The center is located at Cottle Road and Great Oaks Parkway, just off Highway 101. It is situated on a portion of the Hitachi Global Storage Technologies campus, which continues part of its original operation adjacent. When completed, Village Oaks will consist of over 300,000 square feet of new retail space in addition to 5 acres dedicated to high density residential. Village Oaks will create a critical mass rivaling other major retail hubs.
24 Hour Fitness to Open New 45,000 SF Super Sport Health Club in Southern Fremont this Spring
February 14, 2013 – Mike Costa and James Chung with Terranomics Retail Services represented tenant 24 Hour Fitness USA in the lease of a 45,000-square-foot building in southern Fremont. 24 Hour Fitness signed a long-term lease for its new Super Sport health club that will be located at 4500 Auto Mall Parkway. The building is owned by Fremont Auto Mall Pkwy, LLC. The property is positioned in the Auto Mall Business Center, a multi-building project comprised of more industrial and R&D businesses. The location will give 24 Hour Fitness exceptional frontage on Auto Mall Parkway (at Grimmer Boulevard), and will also provide members convenient access to/from Interstate 880 and 680. 24 Hour Fitness is scheduled to open its new Super Sport Fremont health club in spring 2013. This is one of several new clubs that 24 Hour Fitness has recently opened or plans to open in the Bay Area. Over the past 27 years, 24 Hour Fitness has opened more clubs in the United States than any other single operator and is currently one of the largest privately held fitness club chains.
24 Hour Fitness Keeps Up Pulse of New Super Sport Health Club Openings with 37,471 SF Lease in Hayward, Taking former Circuit City Space
February 14, 2013 – Mike Costa and James Chung with Terranomics Retail Services represented tenant 24 Hour Fitness USA in the new lease of 37,471 square feet of anchor space in Hayward. 24 Hour Fitness signed a long-term lease for its new Super Sport health club that will be located at 2480 Whipple Road. Formerly a Circuit City, the space is conveniently located right off Interstate 880 at Whipple Road. 24 Hour plans to open its new Super Sport Hayward health club in June 2013. Headquartered in San Ramon, Calif., 24 Hour Fitness is a leading health club industry pioneer, serving nearly four million members in more than 400 clubs across the U.S. Over the past 27 years, 24 Hour Fitness has opened more clubs in the United States than any other single operator and is currently one of the largest privately held fitness club chains.
Petaluma’s New East Washington Place Continues to Beef Up Roster, Adds BevMo!, JP Morgan Chase Bank, and Chipotle Mexican Grill
February 14, 2013 – Matt Kircher, Katie Singer and John Schaefer with Terranomics Retail Services represented property owner Regency Centers in securing three more popular retailers at the new East Washington Place shopping center in Petaluma, as Beverages & More! (BevMo!), JPMorgan Chase Bank and Chipotle Mexican Grill have each signed long-term leases at the project. BevMo leased 9,931 square feet of pad space for its wine and spirits store, JPMorgan Chase leased 4,000 square feet of pad space for its bank branch, and Chipotle leased 2,000 square feet of end cap space for its restaurant/grill. The three tenants will be joining a stout list of retailers already assigned to the center, including anchor Target, Dick's Sporting Goods, T.J. Maxx/Homegoods, Sprouts Farmers Market, plus a diverse mix of several other eateries and retail services.
East Washington Place will be a brand new shopping center totaling ±380,000 square feet of retail and commercial space strategically positioned at East Washington Street and Highway 101, nearby the city’s future SMART (Sonoma Marin Area Rail Transit) station and current Amtrak bus station. The project is situated on almost 34 acres on the former Kenilworth Junior High School site adjacent to Highway 101. Construction began earlier this year on the center, with a grand opening slated for summer 2013.
Marshall’s Joining New Village Oaks Shopping Center in South San Jose
February 14, 2013 – Todd Oliver and James Chung with Terranomics Retail Services represented landlord Hunter Storm Properties in the lease of 23,000 square feet of anchor space at the brand new Village Oaks shopping center in South San Jose to Marshall’s. Anchored by Target and a proposed Safeway, Village Oaks will start construction in a couple months and will open the first quarter of 2014. The center is located at Cottle Road and Great Oaks Parkway, just off Highway 101. It is situated on a portion of the Hitachi Global Storage Technologies campus, which continues part of its original operation adjacent. When completed, Village Oaks will consist of over 300,000 square feet of new retail space in addition to 5 acres dedicated to high density residential. Village Oaks will create a critical mass rivaling other major retail hubs.
This will be Marshall’s 8th department store location in the Silicon Valley, according to its web site. The store also operates three other locations in San Jose, plus others in the cities of Campbell, Milpitas, Fremont and Mountain View.
Ashley Furniture Opening New Homestore at McCarthy Ranch Marketplace in Milpitas
February 14, 2013 – Todd Oliver with Terranomics Retail Services represented tenant Ashley Furniture Homestore in the lease of 43,485 square feet of space at the McCarthy Ranch Marketplace in Milpitas. Located on Ranch Drive at the intersection of Interstate 880 and Highway 237, McCarthy Ranch is owned by Pell Development Company. Ashley Furniture penned a long-term lease agreement for its new store location, scheduled to open this spring, and will be joining such retailers as Wal-Mart, Michael’s, Best Buy, PetSmart and Ross in the center. Ashley Furniture is the #1 selling brand of home furniture in North America and is located coast to coast and even internationally.
Medifast Weight Control Centers Rapidly Enters Sacramento Valley Marketplace with Four Center Openings
February 14, 2013 – Shaun Morrow, CCIM with Terranomics Retail Services represented tenant Weight Control Centers of California, LLC dba Medifast Weight Control Centers in four leases for new centers in the Sacramento Valley. Medifast, a leading United States manufacturer and provider of clinically proven, portion-controlled weight-loss products, has opened new weight control centers at 1677 Eureka Road in Roseville, Laguna Trenholm Plaza at 7811 Laguna Blvd. in Elk Grove, the Sunrise Commercial Center at 5739 Sunrise Blvd. in Citrus Heights, and 855 Howe Avenue in Sacramento. Each of the weight loss centers ranges in size from around ±2,000 to ±4,000 square feet. The same operator (Weight Control Centers of California, LLC) of these new Sacramento Valley centers is expanding its presence northward from San Diego where it currently has eight locations operating under Daisas Medical, LLC.. The operator has also recently opened up three locations in Tracy, Walnut Creek and San Ramon.
Medifast is 30-year old, NYSE company, that was ranked #5 on Forbes list of fastest growing companies in 2011, and #12 on Forbes list of “Best Small Companies”. Medifast, Inc., through its subsidiaries, engages in the production, distribution, and sale of weight management and disease management products, and other consumable health and diet products in the United States. The company’s product lines include weight and disease management, meal replacement, and vitamins. It also operates weight control centers that offer Medifast programs for weight loss and maintenance, customized patient counseling, and Inbody composition analysis. The company was founded in 1980 and is headquartered in Owings Mills, Maryland.
Browns Valley Marketplace Strengthens Tenancy with New Co-Anchor, Savers Thrift Superstore
February 14, 2013 – Patrick McGaughey and Trish Gonsalves with Terranomics Retail Services represented landlord Browns Valley Vacaville 2010, LP in the new long-term lease of 28,262 square feet of anchor space at the Browns Valley Marketplace shopping center in Vacaville. The center’s new anchor will be Savers Thrift Superstore, which is scheduled to open to shoppers in April 2013. Savers will be occupying more than half of a vacant 49,907-square-foot freestanding building in the center, which was formerly Yardbird’s Home Center. Browns Valley Marketplace is located at 154 Browns Valley Parkway at East Monte Vista Avenue, with freeway visibility from I-80, and features a new 36’ tall elevation and signage façade. Co-anchors include Bed Bath & Beyond and Nugget Market.
Savers has over 300 stores throughout the US, Australia and Canada. Savers stores consist of authentic vintage finds, housewares, collectibles, furniture and other items. The store’s inventory comprises quality used goods as well as new merchandise.
Old Navy Relocating to Pointe West Plaza in Sacramento, Across from Arden Fair Mall
February 14, 2013 – Drew Greenspan with Terranomics Retail Services represented tenant Old Navy in the lease of 15,000 square feet of inline space at Pointe West Plaza in Sacramento. The Kohl’s-anchored project is located at 1700 Arden Way and is positioned across from Arden Fair mall. Old Navy will be relocating approximately a mile north of its current location at Sac Central on Howe Avenue, which will also make the store a bit more accessible to/from Interstate 80 in the process. Old Navy will serve as a junior anchor at Pointe West Plaza, which is largely owned by Browman Development and Sansome Properties.
Office Depot Opening New Store at Brand New Building in Berkeley
February 14, 2013 – Todd Oliver with Terranomics Retail Services represented tenant Office Depot in the long-term lease on a brand new 16,189-square-foot freestanding building in Berkeley. Located at 1000 Gilman Street, the property is owned and is currently being developed by Foothill Partners. Completion on the new Office Depot store is expected in fall 2013. Office Depot provides office supplies and services through 1,675 worldwide retail stores, a dedicated sales force, top-rated catalogs, and global e-commerce operations. Office Depot has annual sales of approximately $11.5 billion, employs about 39,000 associates, and serves customers in 60 countries around the world.
Sacramento’s Country Club Plaza Gaining New Tenant, Office Depot
February 14, 2013 – James Teare, SCLS and Blair Wheatley with Terranomics Retail Services represented property owner CCP Capital Partners, LLC in the lease of 7,391 square feet of space at the Country Club Plaza in Sacramento to Office Depot. The office supply retailer is expected to open at the mall in April. Located at the SEC Watt Avenue & El Camino Avenue, the 700,000-square-foot Country Club Plaza is a regional center located in the heart of Sacramento County. The Plaza is conveniently located near all the major arterials, including Interstate 80, Highway 50, Capital City Freeway (Business 80), and Highway 160. Key stores include Macy’s, Off Broadway, Sport Chalet, Ross, and Bed Bath & Beyond.
Office Depot provides office supplies and services through 1,675 worldwide retail stores, a dedicated sales force, top-rated catalogs, and global e-commerce operations. Office Depot has annual sales of approximately $11.5 billion, employs about 39,000 associates, and serves customers in 60 countries around the world.
Goodwill Pens Long-Term Lease at Davis Manor, Brings Center to 100% Leased
February 14, 2013 – Shaun Morrow, CCIM with Terranomics Retail Services represented landlord Byers & Co., Inc. in the lease of 6,550 square feet of inline space to Goodwill Industries at the Davis Manor shopping center in Davis. Goodwill will be assembling and remodeling four vacant adjacent spaces in the center to create their first retail store in Davis. The center is now 100% leased. Davis Manor is located at East 8th and M streets, adjacent to other discount retailers Grocery Outlet and Dollar Tree. The center is also close proximity to Interstate 80, downtown Davis, and UC Davis main campus.
AutoZone Buys Former Church/Safeway Property in Oakland for $2 Million for New Store
February 14, 2013 – Jon Stansbury with Terranomics Retail Services represented buyer AutoZone, Inc. in the acquisition of a 16,289-square-foot retail property in Oakland for $2,000,000 ($122.78 per square foot). The seller was Olivett Institutional Missionary Baptist Church. The property is located at 807 27th Street at San Pablo Ave., and was most recently used as a church by the seller. The property originally was a Safeway supermarket. AutoZone plans a major remodel of the property with plans to open its new store by summer of 2013.
Mountain Mike’s Opening New Pizzeria at Country Gables in Granite Bay; Expands Sacramento Valley Presence
February 14, 2013 – Blair Wheatley and James Teare, SCLS with Terranomics Retail Services represented tenant Mountain Mike’s Pizza in the new lease of 3,378 square feet of end cap space at Country Gables shopping center in Granite Bay. Anchored by Raley’s Supermarket, Country Gables is located at the NWC Douglas Boulevard and Folsom-Auburn Road. With approximately two dozen locations in the greater Sacramento Valley according to its web site, the expanding Mountain Mike’s is scheduled to open its new pizzeria in June. Country Gables is owned by Kimco Realty Corporation.