Anaheim, CA – August 2019, Centers Business Management (CBM) completed a new leasing transaction with Southwestern National Bank in a mid-block strip center on Busy Ball Road in prime Anaheim
CBM leasing agent, Matt Saker, recently completed a lease transaction, representing the landlord in a deal with Southwestern National Bank. The Huston, Texas-based Southwestern National Bank will occupy a 4,900 SQFT space formerly inhabited by the Bank of California. Situated in a sizable, mid-block strip center, the property is home to a dozen prospering restaurant and service-oriented retail tenants. Located just east of the major signalized intersection at Beach Boulevard, the property straddles the borders between a thriving retail trade area and a densely populated residential community.
Founded in 1997 in Houston, Texas, Southwestern National Bank is a minority-owned business. Launched by a group of Asian Americans, Southwestern was established primarily to serve minority banking consumers. While the Anaheim site marks Southwestern’s first location outside of Texas – the bank currently boasts six retail outlets spread across the state – the flourishing financial services operation aims to open additional locations in the southwestern and northeastern regions of the United States.
A seamless transaction, the deal “came together easily,” thanks largely due to “Southeastern taking over a former Bank of California branch,” says CBM leasing agent, Matt Saker. “There’s a vault in place and the interior is already built-out to serve as a bank,” Saker notes. Saker also credits the roots of this deal to a broader shift in the banking world: “Many national retail banks just aren’t expanding,” creating a void that has opened opportunities for emerging banks, like Southwestern. “Well-established banks are relying more on online banking and other services, which in turn is reducing their retail presence,” Saker notes. This transition has seen a growing number of smaller, often regional banks expanding into prior national bank locations. Former bank sites can also be “repurposed and leased to a variety of other retail users,” Saker says, adding “and I’ve assisted a number of landlords with releasing these types of vacancies.”
“While retail is in a serious state of flux, it’s by no means disappearing. And this deal is a prime example!” says CBM President, Rick Rivera. “Space initially designed and constructed for a particular use isn’t obsolete if the original tenant vacates,” Rivera notes, adding “repurposing is an eternal mainstay of retail real estate.”
For more information about CBM and their retail leasing and property management services, please contact: Rick Rivera 310.575.1517 x201 | firstname.lastname@example.org.