CBM’s Retail Shopping Center Management & Leasing Blog

Retail Real Estate News & Trends in Southern California
 

Covina, CA – May 2017, Centers Business Management (CBM) completes new leasing transaction with nation’s second largest off-price retailer in prime retail district.

CBM Valley Division Director, Dave O’Connell recently completed a new 10-year lease with Ross Stores, Inc (off-price retailer) in a sizable community shopping center at the intersection of Arrow Hwy and Azusa Avenue in Covina, CA. Ross is occupying a 26,000+ SQFT former Office Depot location in a well-patronized, supermarket co-anchored shopping center situated amid a thriving retail district. El Super (supermarket), the center’s co-anchor, is the area’s primary Hispanic-oriented grocery outlet, and generates a consistently high-volume of consumer traffic.

Ross Dress For Less, a publicly traded company (Nasdaq: ROST), is the nation’s second largest “off-price” (discount) retailer, behind only TJ Maxx (whose holdings include sister off-price retailer, Marshalls). Ross, based in Dublin, CA, operates 1,561 stores in 37 states, and is aiming to open another 500 stores over the next five year. Ross’s expansion plans include adding 20+ California locations, to complement the 100+ stores the firm currently operates in the Golden State.

“The city of Covina boast strong population demographics with steady growth. Average annual household income, however, skews toward the lower-end of Southern California market,” says Valley Division Director Dave O’Connell. “And this income range is exactly what Ross is looking for. From Ross’s perspective, households in this economic stratum are consistent discount store shoppers and the target audience for Ross’s goods. Additionally, this space, a former ‘big box’ retail store suits Ross’s site requirements, and minimizes their build-out costs,” O’Connell adds in explanation of Ross’s site selection process.

“Covina is the type of community that has long served as CBM’s ‘bread-and-butter’ in retail leasing,” says CBM President, Rick Rivera. “The city’s population is growing. Household income is rising. But the retail market hasn’t completely exploded yet. Thus, both mom & pop operators, and major national retailers, like Ross, can still lease space affordably,” Rivera adds in praise of Covina’s burgeoning retail market.

For more information about CBM and their retail leasing and property management services, please contact: Rick Rivera 310.575.1517 x201 | rickr@cbm1.com or Dave O’Connell 818-380-9966 | dave@cbm1.com

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This past Tuesday, June 6th, Chase Bank hosted a Luncheon at the famed Il Fornaio Restaurant in Beverly Hills.

The event was convened to discuss trends currently impacting Southern California commercial real estate investment landscape.

And for insight into SoCal’s retail market, Chase’s regional Manager, Kevin Pleasant, tapped CBM President, Rick Rivera.

In his presentation, Rick noted that Southern California’s retail market is as solid as ever. The retailers may have changed, but the demand for retails space has not waned in the least.

In addition, Rick stressed…

“Well located, quality real estate will ALWAYS be a valuable asset, despite economic downturns, interest rate hikes, internet sales and the like.”

Below are several photos captured at the event…

 

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Centers Business Management (CBM) Valley Division Director, Dave O’Connell, and leasing agent, Brett Mero, recently completed a lease transaction representing the landlord and tenant, T-Mobile sales and service, on a 2,000 SQFT retail space. The unit is situated in a thriving community shopping center at the signalized intersection of Soledad Canyon Road and Shangri-La Drive in prime Santa Clarita. This newer, large-scale, Mediterranean-designed shopping center’s diverse tenant mix includes UFC Gym, Domino’s Pizza, Kumon Learning (tutoring) among with many retail businesses and restaurants.


Centers Business Management (CBM) Valley Division Director, Dave O’Connell, recently completed a lease transaction representing the landlord and tenant, a local residential real estate brokerage, on 2,500 SQFT retail office space. The office is situated in a newer, heavily-trafficked community center at the signalized intersection of Soledad Canyon Road and Shangri-La Drive in prime Santa Clarita. This large-scale shopping center features excellent curb appeal with an attractive Mediterranean design. The center’s diverse tenant mix includes UFC Gym, Domino’s Pizza, Kumon Learning (tutoring) and more.


Centers Business Management (CBM) leasing agent, David Levcovitch, recently completed a lease transaction representing the landlord and tenant, Metro PCS cell phone sales and service, on a 1,500 SQFT retail space. The unit is situated in a 99 Cents Only + Island Seafood Marked anchored community shopping center at the intersection of Rose Avenue and Pleasant Valley Road in prime Oxnard. In addition to the 99 Cents Only + Island Seafood Market co-anchors, both strong consumer draws, a high-volume USA Gas Station is positioned on the properties hard corner.


=Centers Business Management (CBM) West LA Leasing Director, Geoff Grossman, and leasing agent, Aaron Guido, recently completed a lease transaction representing the landlord tenant, a local dental lab, on a 1,260 SQFT retail space. The unit is situated in larger-scale, half block long community center at the intersection of Katella Avenue and California Street in the City of Orange. This Farmers & Merchants Bank anchored community center features a diverse mix of 20+ retail and restaurant tenants.


Centers Business Management (CBM) leasing agent, David Levcovitch, recently completed a lease transaction representing the landlord and tenant, T-Mobile cell phone sales and services, on a 1,625 SQFT retail space. The unit is situated in well-patronized corner strip center at the intersection of Victory Boulevard and Laurel Canyon Boulevard in prime North Hollywood. The center shares this extremely high traffic intersection with US Bank on the southeast corner; Chase Bank on the northeast corner; and Sears on the northwest corner.


Centers Business Management (CBM) West LA Leasing Director, Geoff Grossman, recently completed a lease transaction representing landlord and tenant, a local Asian restaurant specializing in noodle dishes, on a 1,176 SQFT retail space. The unit is situated in a busy neighborhood shopping center at the intersection of Figueroa Street and Adams Boulevard, south of Downtown LA, east of University Park, and just west of the USC campus. The corner center features a diverse mix of restaurant and retail tenants, including co-anchors, 7-Eleven and Popeyes Chicken.


Centers Business Management (CBM) W Valley Division Director, Dave O’Connell, and leasing agent, Brett Mero, recently completed a lease transaction representing the landlord and tenant, H&R Block (tax prep), on a 1,600 SQFT retail space. The unit is situated in remodeled corner street retail center at the signalized intersection of 7th Street and Redondo Avenue in Prime Long Beach. The property A+ co-tenants include Starbucks, The UPS Store and Supercuts.