Shopping Center Business

MAY 2015

Shopping Center Business is the leading monthly business magazine for the retail real estate industry.

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198 • SHOPPING CENTER BUSINESS • MAY 2015 One Paseo in Del Mar will bring hun- dreds of thousands of square feet of new retail space to the Southern California market along with office and housing components. Developers are also moving forward with the Outlets at San Clemente and Village at Westfield Topanga. Pre- leasing at the former has been relatively light, though expectations are high due to the project's desirable location along In- terstate 5 overlooking the Pacific Ocean. The Village at Westfield Topanga in the San Fernando Valley, meanwhile, is com- pletely pre-leased (see related article on page 298). Both developments are slated for completion in the second half of this year. In Northern California, where the tech- nology boom shows few signs of fading, retailers are eager to expand their foot- prints to capture spending from high-paid workers. However, few major retail-cen- tric developments are underway because of a variety of factors. First, builders are focused on the housing and office space shortages in the area rather than retail. Many of these projects include a retail component, including the apartment complexes, though these additions will do little to relieve pressure on the under-re- tailed area. Redevelopment costs are also a major consideration when considering retail projects. A sizable share of the of- fice campuses underway are build-to-suit, which is funded by the cash-heavy tech- nology firms. Apartments, meanwhile, are being constructed by large builders that retain their portfolios; fewer retail devel- opers operate under this model, making it more difficult for planned projects to pencil out. Nonetheless, there are signifi- cant developments in the pipeline, though operators at existing centers will continue to enjoy a supply/demand imbalance for the next several quarters. SCB B il l Rose is vice president and na- tio na l directo r o f Ma rcus & Mil li- cha p's Na tio na l Retail Group and Net Lea sed Pro perties Group. He is ba sed in S a n Diego and can be conta cted via email at bill.rose@ ma rcusmillichap.com Representing New England's Premier Retail Landlords EVERGREEN WALK - S. WIN DSOR, CT 21,000 SF ANCHOR OPPORTUNITY SOMERSET SQ UARE - GL ASTONBU RY, CT 2,200 SF END-CAP OPPO RTUNITY BRI STOL PLAZA - BRI STOL, CT UP TO 15 ,000 SF AVAILABLE LINDEN SQUARE - WELLESLEY, MA JOIN BEST OF BOSTON RETAILERS PATRI OT PL ACE - FOXBOROUGH, MA OVER 11 MILLION VISITORS PER YEAR HINGHAM SHI PYARD - HINGHAM, MA CHARMING CHARLIE N OW OPEN CENTER AT HOBBS BROOK - STURBRIDGE, MA JUNIOR ANCHOR OPPO RTUNITY BLUE BACK SQUARE - W. HARTFORD, CT PREMIUM RESTAURANT OPPORTUNITY Providing outstanding service to Landlords, Boston-based BLACKLINE Retail Group leases more than 30 propertiestotaling 3.5 million square feet in New England. www.blacklinere.com 130 Rumford Avenue, Suite 213, Newton, MA 02466

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