Fred Sands, Chairman of Vintage Real Estate, announced today that the company has acquired the approximately 406,500-square-foot Heritage Mall in Albany, Oregon. Heritage Mall is a major shopping destination for the city and Linn County with more than 52 major retailers, boutiques and restaurants including Target, Sears, Ross Dress for Less and Old Navy, Maurice’s, rue 21, Zumiez, Famous Footwear, Game Stop and Bath & Body Works.
“Heritage Mall is well-located in the center of Albany, which is one of the fastest growing cities in Oregon. We have the capacity, both in terms of capital and management, to reposition the mall and improve its performance by adding many national tenants. It is a strong addition to our retail real estate portfolio,” noted Sands. This is the first retail property investment for Vintage in Oregon. The company focuses on retail properties and owns numerous properties in California, Washington and other states in the U.S.
Heritage Mall, located at 1895 14th Avenue SE, is set on 33 acres just west of Interstate 5, the region’s major thoroughfare, and is just north of Corvallis, home of Oregon State University and its more than 26,000 students. The mall was remodeled in 2006 and currently is 50 percent occupied.
“The mall is a solid property with tremendous potential in a strong market. We have a long-term strategy that builds on the strengths of this asset such as its central location and the recent property improvements. With our retail relationships and experience we can re-merchandise the mall and enhance its appeal to consumers throughout the region,” said Charlie Christensen, Executive V.P. Asset Management, Vintage Real Estate.
Roger Burghdorf, Executive V.P. of Leasing for Vintage adds, “Along with discussions already in progress for numerous additional national tenants, we have identified a replacement anchor for the vacant Gottschalks space. This new anchor tenant, along with the planned redevelopment, will generate significant new customer traffic and allow Vintage to upgrade the existing tenant mix and increase occupancy.”
Vintage Real Estate acquired the mall from a consortium of lenders.
Fred Sands, Chairman of Vintage Real Estate, announced today that the company is bringing The Fresh Market to the Southland at its neighborhood shopping center The Village at Nellie Gail Ranch in Laguna Hills, CA, which is undergoing a $17 million renovation and expansion. The Fresh Market is a full-service specialty grocer known for its vast selection of top-quality products, exceptional customer service and inviting atmosphere.
“We wanted a premier grocery store anchor as part of our repositioning of the center and we found the ideal fit with The Fresh Market, which is just now coming to California,” said Sands. “The Fresh Market will be a tremendous draw for this community and beyond.”
The Fresh Market will be a 21,000-square-foot grocery store featuring an onsite bakery offering more than 30 freshly baked breads daily, a full service meat counter, more than 200 imported and domestic cheeses, fresh seafood, a large selection of organic produce and an array of ready-to-serve entrees. The Fresh Market is designed with an atmosphere reminiscent of old-world European markets with classical music and antique décor creating a more inviting shopping experience. It is expected to open in Summer 2014.
The Village at Nellie Gail Ranch is located at the intersection of Moulton Parkway and La Paz Road in Laguna Hills, surrounded by prominent residential communities including the Nellie Gail Ranch area with its large estates. Vintage Real Estate is underway on an expansion and complete renovation of the center including new facades, storefronts, refreshed landscaping and attractive outdoor gathering spots. With the expansion the center will total approximately 100,000 square feet. In addition to The Fresh Market the company is in the process of seeking additional new tenants including stylish boutiques and casual dining restaurants.
Fred Sands, Chairman of Vintage Real Estate, announced today that the company has acquired four acres immediately adjacent to its Moulton La Paz Shopping Center from the City of Laguna Hills as part of its expansion and redevelopment plan. The center will be renovated and renamed The Village at Nellie Gail Ranch.
“We will be doing a major remodel of this center to give it a completely new contemporary look and transform it into an attractive destination with an array of quality shopping and dining options. The design includes new façades, storefronts, refreshed landscaping and attractive outdoor gathering spots. It is in a central location in the heart of a mature community with strong demographics that are attractive to a variety of retailers,” said Sands.
Located at the intersection of Moulton Parkway and La Paz Road in Laguna Hills, the center is surrounded by prominent residential communities, including the Nellie Gail Ranch area with its large estates. There are approximately 140,000 residents within a three-mile radius and the average family income is approximately $120,000 within a five-mile radius.
Moulton La Paz Shopping Center will be re-envisioned as The Village at Nellie Gail Ranch, with the style and ambience of a European market. The renovation and expansion plan calls for the addition of a gourmet supermarket and new tenants including stylish boutiques and casual dining restaurants. With the expansion the center will total approximately 100,000 square feet.
“Now is an opportune time to invest in expanding and repositioning the center. Grocery-anchored retail centers are performing well making it possible to secure new tenants at strong rents. This type of community center also is attractive to real estate investors which is propelling an increase in values,” noted Kenneth Hocker, executive vice president, development, Vintage Real Estate.
Construction will commence this fall with completion estimated for spring 2014.
On July 10, 2009, Vintage Real Estate, acquired the SouthBay Pavilion located immediately off the 405 Freeway with direct exposure to over 350,000 cars daily in the Los Angeles Trade Area.
The 1.1 million-square-foot regional mall is anchored by a newly constructed Target Greatland, Ikea, Sears, and JCPenney and 54 specialty stores and restaurants including other significant national retailers such as Old Navy, Children’s Place, Foot Action and Daniel’s Jewelers. SouthBay Pavilion is a destination for the more than 2.5 million residents within a 10-mile radius. In addition, the mall services a 150,000 person day-time work force with many “Fortune 500” companies such as BP, Honda, Mercedes Benz, Mobile, Shell, Toyota and Honeywell. SouthBay Pavilion is a regional draw with Ikea attracting shoppers from a much wider trade area.
The previous owner spent over $30 million on interior and exterior renovations, completed in 2007, resulting in a bustling streetscape with several exterior facing restaurants including Panda Express, Panera Bread, San Sai Grill, Ce Fiore Frozen Yogurt, Five Guys Burgers, Wing Stop and Jamba Juice.
Although significant progress was achieved in this initial redevelopment, Vintage is confident that SouthBay Pavilion offers significant upside through maximizing development on the large 73-acre site and establishing a more synergistic merchandising plan by bringing in several national tenants that are a natural fit for the center. Vintage Real Estate expects to achieve great success in repositioning the 30,000 square feet of vacant space, as well as adding 3 new pad restaurants and ultimately a 16-screen stadium theater. The Vintage executive team includes six former Westfield executives with a proven track-record of repositioning similar malls nationwide.
"SouthBay Pavilion fits perfectly within our business model of acquiring 'value-add,' well-located regional malls and shopping centers with high growth potential," said Brenton Watson, President of Vintage Real Estate. "This acquisition will provide positive initial returns based on the strength of current income. Additionally, we see an exciting opportunity to add significant value by leveraging our relationships with national retailers and improving the overall retail mix at the mall. Ultimately, we will implement a redevelopment plan to expand the center."
Vintage Real Estate Chairman Fred Sands is optimistic about the recent acquisition. "We can't go wrong with 73 acres right off the 405 Freeway in Los Angeles. This mall presently under-serves the marketplace, but we will address that. We're already in talks with two major theater chains to bring in a 16-screen stadium seating theater as well as national chain stores and restaurants that want to be part of our expansion plans."
On December 13, 2007, Vintage Real Estate acquired the Wenatchee Valley Mall in Wenatchee, which is located in North Central Washington State. The mall is anchored by Sears, Macy's, Ross, Bed Bath & Beyond, and Food Pavilion (a regional supermarket chain). The Wenatchee Valley Mall is the only regional indoor mall within a 120 mile radius, and services over 200,000 residents in the Chelan, Douglas, and Okanogan Tri-County trade area. Wenatchee emerged from an agricultural community that has transformed into a diverse and rapidly expanding city.
Vintage is currently underway on a renovation and redevelopment that will introduce contemporary architectural design, restore the center's public spaces and present new retail offerings including an Olive Garden restaurant. Vintage will also add a 14-screen stadium seating theater, 8-unit food court, and parking deck with transit center.
Wenatchee's economic growth stems from recent migration to the picturesque city and surrounding region by a wide range of companies, including technology firms, such as Microsoft, Symantec, and Yahoo. Service providers and retailers have also seen a sharp increase in growth as West Coast residents continue to demonstrate a strong preference for Wenatchee’s affordable cost of living and rich natural amenities. The city’s workforce has shifted to 19% agriculture from over 40% in 1997. Both USA Today and The Seattle Times reported that of the 287 metro areas studied, Wenatchee led the entire nation in home value appreciation for the 12-month period ending June 2007 with a 23.54% increase.
Wenatchee's recent growth has generated a consumer base that will assuredly attract a long list of national retailers not yet in the market. As of February 2008, Vintage Real Estate has executed 30,000 square feet of leases with national tenants.
Martin Village Shopping Center is anchored by Regal Theaters, ShopKo, Top Food & Drugs (including Starbucks and Anchor Savings inside), and Home Furniture, as well as Rock Pizza, Reclinerland, Charlie Safari and Horizon Bank. Pads include U.S. Bank, Taco Bell/Pizza Hut, and Discount Tire.
Martin Village Shopping Center is conveniently located adjacent to Interstate 5 and East Martin Way in Lacey, WA. With excellent freeway access and visibility, the center has a daily traffic count of approximately 130,000 vehicles. As one of the fasted growing cities in the state of Washington, many national retailers have entered the market, including Wal-Mart, Lowes, and Home Depot. The city was even ranked #8 on Forbes Magazine's 2008 list of Best Places for Business and Careers.
Vintage Real Estate recently added a 16-screen, state-of-the-art theater complex with stadium seating now being operated by Regal Theaters. This Regal Theater is now among the top ten performers in the nation out of 539 theaters.
Located in New Mexico’s largest city, Albuquerque, Far North Shopping Center is optimally positioned right off the I-25 Freeway at the corner of San Mateo Boulevard and Academy Road (80,000 cars per day). Servicing a trade area of 100,000 residents within 3 miles, Far North has a strong inline tenant mix and attracts visitors, business people, and neighborhood residents.
In 2003 Vintage purchased the Far North Shopping Center. At the time of the purchase the center was 30% vacant and, within 24 months, the center was fully leased.
Far North Shopping Center was fully renovated in 2004, which included a new digital time and temperature sign providing exposure to the anchor tenants. The new 14,000 sqft expansion is fully leased to Charter Fitness (57 locations) and Kelly’s Liquor (11 locations). The expansion is part of a long-term vision for the property focused on being a gathering place for the community with a collection of shopping and dining experiences.
Far North anchors include Sunflower Farmers Market (growing regional grocer with 31 stores operated by former Wild Oats founder), PetCo, Dollar Tree, Charter Fitness, and Tuesday Morning. The center is also occupied by several national credit tenants including McDonalds, GNC, Hertz, RadioShack, T-Mobile, Firestone, Sally Beauty, Wienerschnitzel, The Village Inn, and Citi Financial.
Youthland Academy, with over 20 locations and 25 years of experience, has opened their doors at Hamilton Crossings Shopping Center. Youthland Academy has formulated a unique business plan that combines the organization and systems of large childcare chains with the comfort of a neighborhood center. After a thorough site selection process, Hamilton Crossings was selected as being an ideal location choice.
In July 2007, Vintage Real Estate purchased Hamilton Crossings, a Kmart and Marsh Grocery anchored shopping center located in Hamilton, Ohio, a suburb of Cincinnati with a trade area of 2.1 million residents.
The center is located on the heavily-trafficked Highway 4 (23,000 cars per day), connecting Cincinnati with Dayton. Vintage purchased the property with 48,000 square feet of vacancy and leased 30,000 square feet during the first 12 months. Recently renovated, the center boasts an attractive brick facade with floor-to-ceiling glass storefronts, along with a new parking lot, contemporary pylon signage and picturesque landscaping. During the past several years, the city has been successful in attracting over 650,00 square feet of new retail to the area. Major retailers include Wal-Mart, Lowes, a Meijers Superstore and Office Depot. This investment by these high profile tenants lends further testimony to the growth and stability of the market.
Santa Clarita Plaza is an attractive retail shopping center in a growing, affluent community. Located on Bouquet Canyon Road, a major thoroughfare running parallel with I-5 freeway, the center is in an excellent position to take advantage of the growth occurring in this rapidly developing Los Angeles suburb.
Vintage is in the early planning stages to add a two story garden office building. Drawing on the center’s heritage, the new building will boast classic Southern California Spanish style architecture with lush landscaping just steps away from the fountain-centered courtyard. The end result will be a relaxed and sophisticated setting that will satisfy workers, residents, and visitors alike.
Servicing over 238,000 people with an average household income of $93,000, Santa Clarita's serene and well-planned community is a model city containing all elements needed for well-balanced living and working conditions. Just 25 minutes from the hustle and bustle of Los Angeles, Santa Clarita boasts some of the State's most coveted golf courses, charming wine lounges, family and fine dining, impressive retail shopping, live music events, and rich western heritage. With its unique blend of small-town charm and urban sophistication, this fast growing city has established an enviable balance between quality living and growth.
Welcome to Beverly Hills 90210, the world's most famous zip code. 450 N. Canon Drive faces Canon Drive and Santa Monica Boulevard within the Beverly Hills Triangle, a short walk from legendary Rodeo Drive. Canon meets the needs of upscale shoppers looking to indulge in an extraordinary experience.
450 N Canon is a Class-A landmark building and the recipient of numerous architectural awards. Designed by Rockefeller Architects, 450 N Canon exhibits modern elements such as frameless doors and windows and floor-to-ceiling glass.
Due to its strategic location and architectural appeal, Salon 90210 and The Beverly Hills Visitor’s Bureau have recently relocated to 450 N Canon.
A world renowned destination for millions of visitors each year, Beverly Hills features internationally acclaimed restaurants, luxury hotels, and unparalleled shopping. Within a 3 mile radius, Beverly Hills has a population of over 260,000 with an average household income of over $105,000. By virtue if its strategic location, the center enjoys a broad-based trade area that provides strong foot traffic and sales.
Located immediately West of the 405 Freeway along Wilshire Boulevard, Brentwood Gateway is the premier office building in the Brentwood submarket of West Los Angeles. Brentwood is a world renowned, upscale community that is home to a high concentration of medical, legal, financial and entertainment professionals. With an average household income of $112,000 and median home sales price of over $1.8 million, Brentwood ranks as one of the most affluent communities in the nation.
Brentwood Gateway is one of the few high-rise buildings on San Vicente and the only building that benefits from 360 degree views on every floor. Tenants enjoy unobstructed views of the Pacific Ocean, Santa Monica Mountains, and Los Angeles cityscape.
Designed to deliver a distinctive and memorable experience, the building is a Class-A landmark with a sleek black glass façade and prominent exposure to upscale boutiques and restaurants on San Vicente Boulevard. A few of the upgrades to the building include the installation of two elegant steel columns on each side of the lobby creating a seamless point of entry, resurfacing of the public parking area, a newly designed parking booth complete with marble counter and wood paneling, modern lobby restrooms, and a contemporary lobby snack and sundry shop conveniently offering upscale products. From courteous valets to friendly management staff, the Vintage Capital Group Building is designed to deliver the most attentive service to tenants and guests.