It’s no secret retail is in the midst of a full-blown sea change…
The industry, as we know, is facing a dying paradigm. The internet has provided a faster, more efficient, and far cheaper outlet for a huge swath of retail sales. Thus, anything and everything that can be sold online has relocated from brick and mortar stores to snazzy new digs in cyberspace.
So, where does this shift leave shopping center landlords?
With the less than enviable task of repositioning and repurposing their properties.
Storm Properties, a partnership with retail real estate holdings in the Inland Empire, is a landlord currently facing this difficult challenge.
Specifically, Storm Properties has struggled to fill space formerly occupied by traditional retail tenants selling durable goods at their Glendora Marketplace shopping center.
The regional center, at Lone Hill Avenue and Gladstone Street in the city of Glendora, is anchored by The Home Depot, Sam’s Club, Kohl’s, Best Buy, AMC Theaters, and other national retailers. Yet despite the presence of these sterling co-tenants, Storm Properties has labored long to fill vacant pad space adjacent to the main buildings.
But with the signing of three new leases — ushering in Blaze Pizza, Fatburger and Saj Bakery — the center is 100% leased!
And Storm Properties attributes this success directly to the efforts of CBM leasing agent, Jason Ehrenpreis. Here’s a quote By Storm Properties President, Jay Ahluwalia, from a recent Associated Press (AP) article praising Mr. Ehrenpreis’ work:
“We’re excited to be 100% leased. In the last year, we have made significant capital improvements to the center, resulting in the tremendous amount of interest received from prospective tenants,” said Jay Ahluwalia, President of Storm Properties. “We want to thank Jason Ehrenpreis of Centers Business Management for acting as the leasing broker for Storm Properties,” Ahluwalia added
Mr. Ehrenpreis posted a banner year in 2018, achieving a new personal best in completed transaction volume. And he was recently part of the Annual ACRE SoCal Real Estate Forecast Panel.