CBM1’s Aaron Guido + Daniel Barriga recently completed a lease with Circle of Friends Veterinary Hospital on +/-3,000 SF retail space in Rose Linda Center, a 45,000+ SF community shopping center at Yorba Linda Boulevard and Rose Drive in prime Placentia. An independent veterinary practice, Circle of Friends Veterinary Hospital is a woman-owned and operated business launched in 1998. The standalone clinic is relocating to Placentia from a prior site in nearby Yorba Linda.
Completely remodeled in 2021, Rose Linda Center will be anchored by a soon-to-open Ace Hardware (replacing a former Big Lots location). The center is also co-anchored by Walgreens Pharmacy and is positioned on the property’s hard corner.
Situated amid a highly active retail trade area, Rose Linda Center shares the bustling intersections with a CVS Pharmacy + 99 Cents Only anchored center with a Mobile Gas Station on the hard corner, a Jiffy Lube, and Coffee Bean + Tea Leaf anchored center. The community surrounding the site, spanning a 5-mile radius, boasts a population of over 300,000 residents, earning an average annual household income of $128,000.
For more information, contact Aaron Guido: Aaron@cbm1.com | 714.769.6117and Daniel Barriga: Daniel@cbm1.com | 949.608.4886
CBM1’s Brett Mero and David Guardado recently completed a lease with Farmers Insurance in De Soto Plaza, a bustling 2-story retail shopping center fronting onto high-traffic De Soto Avenue. The sizable center features a diverse mix of restaurant and service tenants catering to the surrounding consumer base, fueled by a dense residential population and high daytime workers count.
Originally founded in 1922, Farmers Insurance is ranked among the nation’s top 10 largest insurance agencies. The firm boasts over 48,000 exclusive and independent agents, a significant percentage of which are franchisees, and retains roughly 21,000 employees. Farmers is a Fortune 100 Company with an S & P “A” credit rating and extremely well-reviewed by consumers for quality service and workers “in best places to work” polls.
The well-located site is directly across from Aerojet Rocketdyne, a major aerospace firm whose Canyon Park complex occupies three square blocks and employs 1,200 full-time workers. Immediately north of the center is the Canoga Island Village Complex apartments, occupying an entire square block and housing over 500 residents. Other nearby large-scale multi-family developments include NoVa Townhomes, De Soto Gardens, and Parthenia Terrance Apartments, home to nearly 2,000 tenants.For more information, contact Brett Mero: 818.380.9970 | Brett@cbm1.com Or David Guardado: 818.380.9072 | DavidG@cbm1.com
CBM1’s Dave O’Connell recently completed a lease with Code Ninjas on a +/- 806 SF retail space in a bustling Redondo Beach retail shopping center. Situated at the signalized intersection of Pacific Coast Hwy and Prospect Avenue, the space is located in a CVS anchored center with additional A+ co-tenants, including Corner Bakery, Roundtable Pizza, Subway, and Supercuts.
Code Ninjas is a multinational corporation whose principal service is teaching computer coding to children. The organization currently operates 262 locations in 39 states (and counting!) and 475 sites in total, spread across the United States, Canada, and the United Kingdom.
Less than a mile from the coast and surrounded by a network of densely populated residential neighborhoods with affluent household income demographics, the well-located center is ideally positioned to serve the surrounding community.
For more information, contact Dave O’Connell: Dave@cbm1.com | 818.380.9967
After a two-year, pandemic-enforced break (and six years away from San Diego), the CBM1 team returned to the ICSC Western Conference.
In the meantime, a lot has changed. The world weathered a global pandemic. Workplaces have totally reshuffled. Demographics have shifted (several times) with exoduses out of and back into urban centers. And commerce, particularly retail, has been completely reimagined.
Not to mention, ICSC — formerly the International Council of Shopping Centers — changed its name. Meet the new Innovating Commerce Serving Communities.
The usual suspects were in attendance. The development firms. The big brokerages. The, mid-sized regional brokerages. The vendors. The municipalities. And of course, the tenants.*
What was conspicuously absent, however, was the energy that typically courses through the show. The lack of excitement and engagement in the proceedings was clearly, and painfully evident.
A key contributing factor to the flagging activity was likely lower attendance. While past, pre-pandemic shows crested close to 5,000 attendees, this Western Conference counted only 2,600 total registrants. And…
Fewer people = Less Interest = A Less Than Captivating Event.
Could The Relocation Help?
After three years in Los Angeles and a year off during the pandemic, the event returned to San Diego in 2021. Last year’s conference was understandably under-attended, given lingering pandemic concerns.
The initial move to Los Angeles was apparently financially motivated. The folks at the LA Convention Center cut ICSC a better deal. But a return to San Diego was prompted by waning attendee interest.
With the majority of conference participants hailing from Los Angeles County, enthusiasm for dropping $500 on a ticket to spend a day in their own proverbial backyard grew dangerously low.
Conversely, spending a night or two in San Diego certainly makes the outing feel like more of a happening worth stepping out for.
But is that enough incentive to show up for the conference? If this year is any indicator — understanding that the pandemic hangover may still be a nagging issue — probably not.
The Future of ICSC Live Events?
Our team agreed that in its current format, interest in the Western Conference is dying out. And this likely applies to all ICSC shows.
Event organizers need to revamp and revitalize ICSC shows to increase enthusiasm for attendance and generate more energy and excitement amid the actual shows.
Certainly easier said than done. But a necessity nonetheless if ICSC hopes to retain its position as the retail real estate industry’s leading professional organization.
Regardless, CBM1 Made a GREAT Showing!
Our booth, as the pix demonstrate, looked awesome. Most of our leasing team was on hand to see and be seen, take meetings, and generally soak up the industry influences.
And it was great fun catching up with old friends — Shout out to former CBMer, Michael Pakravan.
*One of the main reasons many brokers attend ICSC events is to connect with tenants. In some cases, they’re looking to pitch sites or seek clarification on site criteria, and in other circumstances, they’re aiming to build relationships. But that requires tenants to actually attend the shows and be engaged in the proceedings. Meanwhile, at this Western Conference, it was clearly evident that fewer tenants were in attendance. And those present were mostly phoning it in. All of which needs to change if ICSC hopes to sustain broker interest.
CBM1’s David Guardado just completed a lease with Sumac Mediterranean restaurant on a +/- 800 SF unit in a corner strip center on Wilshire Boulevard one block east of La Brea Avenue amid Los Angeles’ famed Miracle Mile district.
The exceptionally well-located property is immediately adjacent to the Wilshire La Brea Apartments. Occupying an entire square block stretching south and east from Wilshire and La Brea intersection, the 200,000+ SF mixed-use development features 512 residential units situated above 40,000 SF of ground floor retail space. The property’s marquee retail tenants include BevMo, European Wax Center, and Verizon Wireless.
Sumac is a Lebanese eatery, bakery, and specialty gourmet foods store founded by childhood sweethearts turned business partners Stephanie and Eli Berchan. The couple’s soon-to-launch Wilshire and La Brea café and shop marks Sumac’s second location, following their flagship site on Highland Avenue in the heart of Hollywood.
For more information, contact David Guardado: DavidG@cbm1.com | 818.380.9972
CBM1 Principal + Cofounder, Geoff Grossman, appeared on the latest episode of the Hot Spotting Real Estate podcast! Hosted by Hot Spot Properties’ Mike Tohikian.
In addition to backgrounding his more than two-decade career in commercial real estate, Geoff shares his insights on the state of retail real estate, including…
