Shopping Center Business is the leading monthly business magazine for the retail real estate industry.
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CALIFORNIA 44 • SHOPPING CENTER BUSINESS • August 2016 wards the coast and urban, walkable lo- cations for new projects. "The hottest areas are the infill, high quality demographic markets in clos- er proximity to the coast," says Bob Peterson, vice president of investments at Passco. "All of California is pretty robust right now — especially Southern Califor- nia, like Los Angeles, Orange County and San Diego. Infill areas that are close to the coast are growing the most quickly — that is where the tenant demand is the stron- gest and the rents are the highest." As retailers continue to pursue the surfside markets of SoCal — like Playa del Rey and Santa Monica — rents for the small amount of space available have es- calated and tight competition has ensued. "The closer to the coast, the stronger the competition is for space simply because when infill opportunities arise, retailers know that it could be many years before an opportunity in that specific trade area becomes available again," says Brad Umansky, president of Progressive Real Estate Partners. The growing popularity of coastal lo- cations has even brought sellers to place long-held properties on the market in hopes of seeing large returns. "A lot of coastal product comes up — these quirky buildings that were built 50 or 60 years ago with no parking — and people are get- Granada Shoppes | Naples, FL Doral Commons | Doral, FL Naples Fifth Avenue | Naples, FL Coral Town Park | Naranja, FL Vicenza Plaza | Hialeah Gardens, FL Pines City Center | Pembroke Pines, FL Call 305.261.4330 or email leasing@courtelis.com to lease your Florida location today! www.courtelis.com Developing Great Places. Helping you grow. The Hub, comprising 148,739 square feet on University Avenue in San Diego, utilizes a mix of outdoor plazas featuring murals and a collection of unique shops, boutiques and restaurants. Location Matters worked to curate the restaurant mix.