Terranomics Significant Retail Transactions - October 25, 2012
Thursday, October 25, 2012
Target Buys ±10 Acres for New ±140,000 SF Anchor Store at Alameda Landing
October 25, 2012 – Matt Kircher with Terranomics Retail Services represented buyer Target Corporation in its acquisition of just over ±10 acres of land from Catellus Alameda Development at the site of the new Alameda Landing shopping center in the city of Alameda. Target is constructing a new ±140,000-square-foot store and will serve as the new center’s primary anchor. Target is expected to open in fall 2013 and is projected to reel in around 200 jobs.
Consisting of 291,000 square feet, Alameda Landing is situated at Stargell Avenue and Mariner Square Loop along the Oakland-Alameda Estuary.
Target Scheduled to Open Second San Francisco Store; Retailer Signs Long-Term Lease for ±120,000 SF at City Center Shopping Complex
October 25, 2012 – Matt Kircher with Terranomics Retail Services represented tenant Target Corporation in its long-term lease for a new ±120,000-square-foot store at San Francisco’s City Center shopping complex at Geary Boulevard and Masonic Avenue. This will be Target’s second store in San Francisco, with the other having just opened at The Metreon earlier this month (led by a ribbon cutting ceremony by Mayor Lee). Target plans for its grand opening at City Center in fall 2013. Target will be back-filling the former Mervyn's space, with significant renovations and upgrades being made to the space.
One Eleven Town Center Adds Major Anchors Nordstrom Rack & Whole Foods Market as both Retailers Debut in Palm Desert; Harsch Plans Major Renovations at Center
October 25, 2012 – Sharon Carmichael with Terranomics Retail Services represented landlord Harsch Investment Corporation in signing a pair of new long-term lease transactions at One Eleven Town Center shopping center in Palm Desert, CA with major tenants Nordstrom Rack and Whole Foods Market, Inc. The two popular retailers will serve as the center’s new co-anchors.
Nordstrom Rack, the off-price division of Nordstrom, Inc., signed a lease for 33,392 square feet. This will be the first Palm Desert location for Nordstrom Rack, of which now has over 100 stores across the U.S. Whole Foods Market signed a lease for 30,000 square feet for its new supermarket, also its first in Palm Desert. The Austin-based natural foods supermarket is scheduled to open at the center in summer 2013. Whole Foods is the world’s leader in natural and organic foods, with more than 310 stores in North America and the United Kingdom.
Harsch will be constructing two brand new box spaces in the front portion of the center positioned side-by-side that will house Nordstrom Rack and Whole Foods. Harsch will be tearing down the old Best Buy building and Banner Mattress building to make way for its two brand new anchor tenants. Also as part of its major renovation plans, Harsch will be adding a brand new left turn lane off Highway 111 to enter the project, improving convenient access.
Located at Highway 111 at Town Center Way, One Eleven Town Center shopping center is a regionally located power center positioned across the street from Westfield Shoppingtown Palm Desert. Other current key tenants include World Gym, Town Center Café, Palmie Fine French Cuisine, Time Warner Cable, The Bagel Bistro, The UPS Store, and other professional services and shops. One Eleven is positioned in the #1 retail hub intersection in Palm Desert with over 2 million square feet of retail. The site also ranks as the highest traffic intersection in Palm Desert.
Sharon Carmichael, a Partner with Terranomics whose primary focus is retail real estate in Northern California for over 20 years, had opened a new region for Terranomics in Southern California in the Palm Springs trade area (Riverside County) to expand her area of focus, specializing in leasing and tenant representation for that market area as well.
CVS Pharmacy Plans New Store in Red Bluff, Signs Long-Term Ground Lease
October 25, 2012 – James Teare, SCLS and Blair Wheatley with Terranomics Retail Services have collaborated to represent both sides in the ground lease negotiation of 2.37 acres (103,237 square feet) of undeveloped land in Red Bluff, CA between tenant CVS Pharmacy, Inc. and owner Becker Commercial Properties. CVS Pharmacy, which signed a long-term ground lease, will be constructing a brand new ±16,000-square-foot freestanding building on the site at 455 South Main Street that will house one of its prototypical stores. This will be the second CVS/pharmacy store in Red Bluff, with four other stores located from Redding to Chico. Teare represented CVS Pharmacy and Wheatley represented Becker Commercial in the transaction.
Starbucks Heating up in Silicon Valley with Three New Coffee House Locations in Palo Alto, San Jose and Saratoga
October 25, 2012 – James Chung with Terranomics Retail Services has represented Starbucks in three new long-term leases in the cities of Palo Alto, San Jose and Saratoga, expanding the popular coffee house by as many new locations in the Silicon Valley. Starbucks will be opening new locations at the Alma Plaza shopping center in Palo Alto, at the new Coleman Landings shopping center in north San Jose, and at the Quito Village shopping center in Saratoga.
Alma Plaza is a grocery-anchored shopping center located on Alma Street in the heart of Palo Alto and owned by Trestle Alma Plaza, LLC. Coleman Landings is a Lowe’s-anchored center located off Interstate 880 at Coleman Avenue and is owned by Arcadia Coleman Landings, LLC. Quito Village is located on Cox Avenue, and is anchored by Gene’s Fine Foods and owned by Quito Village Associates, LLC.
Diving Dog Brewhouse Unleashing Brand New Craft-Beer Concept in Uptown Oakland
October 25, 2012 – Cameron Baird with Terranomics Retail Services represented tenant Diving Dog Brewhouse in the lease of 3,639 square feet of inline space at 1802 Telegraph Avenue in Oakland. A brand new concept, Diving Dog Brewhouse will feature a craft beer bar with brew-on-premises equipment, allowing individuals to brew their own beer on-site while also enjoying a wide selection of local craft beers. Diving Dog will be the newest addition to the Uptown Oakland scene and is located directly across the street from the Fox Theatre, Make Westing, and Rudy’s Can’t Fail Café (owned by Green Day bassist Mike Dirnt). Currently underway on interior improvements, Diving Dog is scheduled to open later this year. The property is owned by KMTJ Investments, LP.
Dollar Tree Stores Grows on Coast, Takes Former Blockbuster Building in Capitola
October 25, 2012 – James Chung with Terranomics Retail Services in conjunction with Greg Findley of Cassidy Turley represented tenant Dollar Tree Stores, Inc. in the lease of an 8,064-square-foot freestanding retail building at 1950 41st Avenue in Capitola. The property, which formerly housed Blockbuster Video, is owned by Richard Craig Deane, et al.
Full Wheel Spin Cycle Fitness Pedaling into San Francisco’s Embarcadero Center
October 25, 2012 – Rhonda Diaz Caldewey, Jessica Birmingham and Christopher Homs with Terranomics Retail Services represented landlord Boston Properties in the long-term lease of 5,237 square feet at One Embarcadero in downtown San Francisco to Full Wheel, a new indoor cycling fitness concept. Full Wheel’s space is well located on the lobby level of the 45-story tower located at 1 Embarcadero Center, as part of the landmark Embarcadero Center positioned in the heart of the City’s Financial District. Embarcadero Center consists of over 3 million square feet of office space and 280,000 square feet of retail, with approximately 16,000 employees based in the four Embarcadero Center Towers. Full Wheel is scheduled for occupancy in early 2013.
Imperial Spa Soaks Up Space at High Visible Center on El Camino Real in Palo Alto
October 25, 2012 – Mike Costa and Todd Oliver with Terranomics Retail Services represented both landlord Jisser & Jisser and tenant Imperial Spa in the lease of 5,625 square feet of end cap space within a ±10,000-square-foot multi-tenant retail center at 3990 El Camino Real in Palo Alto. The small center is highly visible and well located along main thoroughfare El Camino Real, set between West Charleston Road and Page Mill Road. Other tenants in the center include Baja Fresh, Jamba Juice and C2 Learning Center. Imperial Day Spa, which will open in early 2013, will bring the center to full occupancy.
Panda Express Keeps up Rapid Expansion with New Restaurant in Hollister
October 25, 2012 –Sharon Carmichael and Michael Seigel have represented tenant Panda Express in the lease of 2,040 square feet of end cap space at the Plaza San Benito shopping center in Hollister, CA. The center is located at 1740 Airline Highway and is owned by Pacific Oak Properties. Panda Express has 1,468 stores nationally and in Puerto Rico. Just last month, Terranomics, which has exclusively represented Panda Express in Northern California for over 11 years, reported that the successful Asian-dining chain had opened its 87th location in the San Francisco Bay Area.
Nakedwines.com Relocating to High Profile First Street Location in Downtown Napa
October 25, 2012 – John Schaefer with Terranomics Retail Services represented property owner Altamura Enterprises in the lease of 4,400 square feet of space in downtown Napa to Nakedwines.com. The property is well located at a high profile location at 1141 First Street, a property that possesses a beautiful façade of intricate brickwork and detail, complemented by high ceilings, exposed brick, and rafters that create a unique interior atmosphere. The space is positioned across from Parkway Plaza Shops and near the entrance to Napa Town Center in the midst of downtown Napa’s “First Street Shopping Corridor”. Nakedwines.com will be relocating a few blocks away from 595 Coombs Street at Fifth Street.
McDonald’s Opening New Restaurant at The Harbours Cove in Elk Grove
October 25, 2012 – Blair Wheatley and James Teare, SCLS with Terranomics Retail Services represented tenant McDonald’s Corporation in the lease of 4,024 square feet of end cap space at The Harbours Cove shopping center in Elk Grove. The property is located at 2733 Elk Grove Boulevard positioned at the Highway 5 entrance/exit. The owner is Sacramento-based Local Centers. McDonald’s signed a long-term lease agreement and is scheduled to open its new south Sacramento Valley fast food restaurant this winter.